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The average FICO® credit score in Louisiana is 686, according to Experian® data. While this falls into the “good” credit range (670-739), it’s below 714, the average credit score in America. Understanding how your score compares to state and national numbers can help you see where you stand financially and where you can improve. Read on to learn more about how credit scores are determined, why you may see variations in them, and why it’s important to build your credit score.
Key Points
• The average credit score in Louisiana is 686, which falls within the “good” credit category.
• Payment history is the most important factor in calculating a score, comprising 35% of the total.
• On-time payments and low debt balances can help you build and maintain a strong credit profile.
• Credit bureaus collect borrowing records independently, which may lead to minor variations across your credit reports.
• Checking your credit reports on a regular basis is advisable so you can detect any errors and potential identity theft.
What Is a Credit Score?
Think of a credit score like a summary grade that represents your borrowing habits, but instead of being assigned a letter, you get a number that ranges anywhere between 300 and 850. This number is calculated using the information listed on your credit reports. Banks, credit card companies, and other lenders look at it to assess just how risky you may be as a borrower.
The higher your score, the more creditworthy and reliable you appear to lenders. A strong credit profile gives you a better chance of getting approved for things like credit cards, auto loans, and mortgages, along with potentially lower rates and better repayments terms.
You may think that the starting credit score is zero, but it isn’t. It’s more likely to be in the “fair” range of 580-669. The lowest score you can have is 300. It’s also good to know that your credit score updates every 30-45 days, which is why regularly monitoring your credit score can be useful.
What Is the Average Credit Score in Louisiana?
As noted earlier, the average FICO credit score in Louisian is 686. This falls into the “good” credit category, as you can see from the table below.
| Credit Category | FICO Score Range |
|---|---|
| Poor | 300-579 |
| Fair | 580-669 |
| Good | 670-739 |
| Very Good | 740-799 |
| Exceptional | 800-850 |
Having a score around 686 means most Louisiana residents can get approved for standard financial products. However, if your own score is in the “very good” or “exceptional” range, you may be able to get lower interest rates from lenders.
Note that average scores per age group and location can vary across the state. The credit score also depends on each person’s unique spending habits. For instance, older adults with longer credit histories often have higher scores than young adults who are just becoming financially independent.
Looking to monitor your credit score and spending habits? Check out SoFi Coach to begin tracking and managing your finances.
What Is the Average Credit Score in the US?
So, what is the average credit score in America? Looking at both the national FICO average, which is 714, and the average national VantageScore®, which is 701, it’s clear that Louisiana’s average score of 686 is slightly lower than both of these benchmarks.
Regional variations in average credit scores are quite common. Southern states tend to have average scores in the high 600s, while the Upper Midwest and New England states often see averages in the 730s or higher. These patterns reflect broader economic conditions, local cost-of-living factors, and differences in average debt levels in the various regions.
Factors Influencing the Average Credit Score
It can be helpful to know what affects your credit score to understand how credit scoring models calculate your overall number. The following factors determine where you fall on the 300-850 FICO scale:
• Payment history (35%): Paying bills on time is the single most influential thing you can do to maintain a solid credit score. Missing just a single payment can cause your score to drop. Automating bill payments can help you avoid late or missed payments.
• Amounts owed/credit utilization (30%): This looks at how much of your available credit line you’re using. Using less than 30% of your credit card limits shows lenders that you aren’t overextended. Lowering credit card utilization usually involves paying down your balances, but you can also consider increasing your limits.
• Length of credit history (15%): The longer you tend to have accounts open, the better your score may be. Having accounts open for a longer period shows scoring models that you’re reliable.
• Credit mix (10%): Lenders like to see that you have the ability to manage a combination of revolving accounts (such as credit cards) and installment loans (such as auto loans and mortgages).
• New credit (10%): Applying for multiple new lines of credit within a short period triggers hard inquiries, which can temporarily knock a few points off your total.
It can take months to years to build credit, depending on what’s holding down your credit score. Learning how to build credit is important, as it can save you a significant amount of money in the long run. You might consider using a budgeting planner to stay on top of your spending.
Recommended: How Much Will My Credit Score Go Up Calculator
Why Do I Have More Than One Credit Score?
If you’ve ever wondered why you’re seeing different numbers when monitoring your credit score, here’s why: There are three major credit reporting bureaus in the U.S.: Experian, Equifax, and TransUnion. Lenders do not always report your activity to all three bureaus, so if one bureau is missing a specific item, your score with that bureau will likely differ.
Scoring models such as VantageScore vs. FICO use proprietary formulas to weigh your financial habits. What’s more, lenders use special versions of these scores depending on the type of loan you’re applying for: An auto loan lender might be using a specialized auto scoring measure, while a mortgage company may use a classic scoring model.
Where Can I Check My Credit Scores?
You can check your credit score yourself without affecting it. If you want to check your credit score without paying, you have several options, including your bank, credit card issuer, and credit counseling agencies.
You can also pull your full credit reports free of charge once a week from AnnualCreditReport.com. Just be aware that these credit reports don’t actually reveal your credit score, only your detailed payment history. But reviewing your payment history regularly is important, as you may stumble upon errors or unauthorized activity on your account. If so, be sure to report it straight away.
Another important thing to note is the credit score drop after a dispute. Filing a dispute doesn’t harm your credit per se, but any information that’s uncovered in the process, including a missed payment, can impact your overall profile.
The Takeaway
Louisiana’s average credit score of 686 falls into the “good” range, giving most state residents solid access to basic loan and credit options, even though it falls below the national average of 714. But the average score need not be your own individual score. There are steps you can take to build your credit, such as paying your bills on time every month, keeping your credit card balances low, and regularly reviewing your credit reports.
Take control of your finances with SoFi Coach. You can easily view all of your accounts in one convenient dashboard: bank and investment balances, current debts, spending breakdowns, and credit score. Easily set up budgets and spot upcoming bills. And get personalized insights on everyday money questions and take action with Coach chat, the AI guide that’s powered by the playbooks of SoFi Financial Planners, so its guidance comes from expert knowledge.
FAQ
What is a good credit score to buy a car in Louisiana?
There isn’t a minimum credit score for buying a car, but auto lenders generally consider a VantageScore of 661 or higher to be a solid target. And having a score in the “good” range (670-739) or higher can even increase your chances of getting approved. If your score is on the lower side, consider offering a larger down payment to help you secure an approval.
What is a good credit score to buy a house in Louisiana?
A good credit score can make you more likely to qualify for certain loans, though the score you need to buy a home in Louisiana depends on the type of loan you’re seeking. For example, conventional loans typically require a minimum score of 620. There are also government-backed options, such as FHA loans, which may accept scores of 580 with a 3.5% down payment, or even 500 with a 10% down payment.
What credit score do most Americans have?
Most Americans have a credit score that falls into the “good” or “very good” categories. Experian data shows that the national average FICO Score sits at 714, with about 70% of consumers across the country holding a FICO Score of 670 or higher. Only about 15% of consumers have scores below 580, which would fall in the “poor” category.
How rare is a 740 credit score?
A 740 credit score isn’t rare at all. Across the United States, 27.4% of consumers have a score between 740 and 799, which falls in the “very good” range. Achieving this score shows lenders that you handle debt responsibly, which can unlock more competitive offers on credit cards and loans.
How rare is an 800 credit score?
Although having a credit score of 800 isn’t easy to achieve, it’s certainly doable. In fact, about 23% of American consumers have a score of 800 or higher, falling into FICO’s “exceptional” range. Just know that reaching this level usually takes years of consistent on-time payments, low credit utilization, and a long history of managing different types of debt accounts.
How common is a 700 credit score?
A 700 credit score is very common, falling in the “good” range (670 to 739). About 20% of Americans have scores in this range. Since Louisiana’s state average score is 686, a score of 700 would place you right around the typical range for local residents. It’s not a bad place to be when applying for loans.
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