If you're being battered by the economy, you may be worried about your credit score. That all-important number can affect everything from your ability to borrow to your ability to get a new job. Consumer Reports Money Adviser has some important information on how to protect your credit score in this volatile economy.

You may hope to improve your credit score by cutting up all those credit cards.  Consumer Reports says that's a bad idea. Canceling your credit card can actually hurt your credit score because you give up the available credit on that card. Available, unused credit is one of the key components of your credit score.

One of the most effective ways to improve your credit score is to pay down balances on your credit cards.  Consumer Reports says don't stop using your cards completely. Using a card and keeping up with your payments can be good for your score.

Be careful when applying for loans. Too many loan applications in too short a time can hurt your score, especially if they are rejected. Consumer Reports advises applying for credit in person and asking the loan officer if you qualify before submitting a loan application. If you're going to be rejected, go elsewhere.

If you're drowning in unpaid bills, seeking debt relief is good but think twice about entering into a partial-payment agreement. New creditors don't like to see old creditors getting only a partial payment.  However, partial payment is better than nothing, according to Consumer Reports.  Above all, Consumer Reports says, don't miss payments on any bills, even those you may consider “less important.”  Any bill of $100 or more that goes to a collection agency shoots a hole in your credit rating.

Credit scores can range from 300 to 850 points. The higher number, the better. You can get your credit score by going to MYFICO.com. For about $16, you'll be able to check your score with two of the three major credit bureaus.

You can find more information on protecting your credit score at: www.consumerreports.org/cro/money/credit-loan/protect-your-credit-score/overview/index.htm.