And with so many employers and insurance companies factoring creditworthiness into their decisions your credit score could even affect your ability to get a job or find an affordable automobile insurance policy.

With so much at stake it is important for every individual to know their credit score.  It is even more important for those individuals to do everything in their power to raise those FICO scores.  Fortunately there are some (relatively) painless things consumers can do to maintain – or possibly even boost – their credit scores and ease their financial lives.

1. Pay all your bills on time.

This one should be obvious, but it is an important factor to address.  Making a single late payment can cause your credit score to take a substantial hit, so it is important to pay your bills early. 

When paying bills keep in mind that it can take a week or more for payments sent by mail to be processed, and even computer payments may not be processed immediately.  Building some extra time into your bill paying regimen will reduce the chances of a late payment and help to keep your credit score high.

2. Bump up the duration of your credit history.

The length of your credit history makes up 15% of your overall credit score, so cancelling a credit card you have had for many years, or opening up a lot of new ones, could have a deleterious effect on your score. 

The age of the accounts you hold is important, so if you must cancel a credit card you may want to choose one that has been open only a short time.

3. Keep your credit card balances low.

There are plenty of sound financial reasons to keep the balances on your credit cards to a minimum, or even better, pay them off on a monthly basis, but keeping your balances in check can also boost your credit score. 

The amount of your outstanding balances as a percentage of your total credit line is a factor in determining your credit score.

4. Keep requests for new credit to a minimum.

Having one or two credit cards on hand for convenience and emergency use is all but a necessity in today’s world, but going overboard could hurt your credit report. 

Too many credit inquiries in a short period of time can raise red flags at the credit bureaus and cause your credit score to take a hit.

5. Pay attention to both installment debt and revolving debt.

While paying off an installment loan – like an auto loan – on time is essential, how you handle revolving debt like credit cards can carry more weight when it comes to your credit score. 

If you have very little credit history taking out a small installment loan and/or getting approved for a credit card or two can potentially boost your credit score quickly.