Even during the times of recession you can keep your credit score high. The best way is to pay off your debts in time. With determination and a responsible way of using the credit will keep your credit score high. The major claims on your income are the current expenses on maintenance of yourself and your family, paying off the debts already incurred and saving for retirement. Your first efforts must be to balance your income and expenditure without going into more debts.

Borrowing to pay another debt will only affect your credit score adversely. Also, don’t use up your full credit limit. You must cut on your maintenance expenses as much as possible. If you are living in a rented house get your rent lowered or move to a cheaper house. The recession gives you an upper hand in bargaining for rent. Put off new large purchases like a new car for until after the recession is over. The recession is not for ever. You can comfortably use your old car for some time more. Cut down on your entertainment and eating out. Cooking at home is good enough for your family at the moment. Pay off the high cost debts as early as possible cutting even on savings for retirement. When you clear a high cost debt, say, carrying an interest over 10%, you will find that you are left with more money to save for the future.

Remember, when you demolish a major debt you will have more funds of your own because of the savings on interests. Then you must set apart an emergency fund to meet any future crisis. If you keep your credit score high during this difficult period you will get access to higher credit limits on better terms because of your deft management of your finances during a crisis.