How you manage your money this holiday season can easily help or hurt your credit score.

Tough economic times mean tighter credit and more trouble getting loans, so these days a good credit score is especially valuable.

We talked to several shoppers who knew more hearsay than facts about improving their credit scores.

Credit counselors say there is a common misconception about credit scores:

“If it's low, you know you're just in trouble, it's going to stay that way, it ruins your whole credit for the rest of your life, basically,” Audrey Hall said.

In fact, credit history makes up only 35 percent of your credit score, which ranges from 300 to 850.

“There's a lot of myth out there that people don't realize how they can help their scores by doing certain things,” Jack Duff, Job Sight Manager, Credit Counselor.

Experts say a score below 600 needs improvement. To give yours a boost, do make payments on time and keep balances as low as possible. Do not open more than one credit card at a time, or close cards you are not using.

“A lot of people will close old credit cards on zero balances. This tends to lower your credit score if you do that,” Duff said.

They say you can get an extra boost from those zero balance cards by charging a purchase and paying it off right away.

“It don't hurt to keep it on zero but it helps you better showing a balance and then the balance being reduced,” Duff said.

If you have recovered from bad credit, experts say you should return to your old bank or credit organization.

“Go back and re-establish your credit with them. That helps tremendously,” Duff said.

When you check your credit report, look at more than just your score. Inaccurate information is often a red flag for identity theft.

You can check with your local community action agency to find out which online sites will calculate your credit score for free.

If you do not have a computer or are not comfortable using one, your community action agency should be able to walk you through the process in their office.