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COLORADO SPRINGS, COLO. -- It's a simple 3-digit number, but it affects every aspect of your financial life.

Your credit score can help or hurt you every time you apply for a loan, buy car insurance, even interview for a job.

There are three credit bureaus that keep track of your credit: Equifax, Experian and Trans Union.

They generate your FICO credit scores, which can range from 350 to 850. A score of 720 or above is generally considered very good.

But if your score isn't that high, there are some things you can do to improve it.

If you don't know your credit score, Money Coach Bill Stanley says that's where you need to start.

"A bad score will really come back and hurt you and people should really manage their credit score the best that they can," he says.

He explains there are several components that make up a credit score.

"The first and biggest is repayment history, so pay your bills on time," he says.

Second, your debt level.

"The amount of money you owe, versus the maximum amount on a credit card, for example," he says.

Next, your credit history.

So, if you're getting rid of some of your cards, make sure you hold on to the older ones that show a longer credit history.

Fourth, your credit mix.

Stanley says the right mix is five to six lines of credit.

"It means a mortgage, an auto loan, a student loan, one credit card and one to two store cards," he says.

If you have more credit lines than that, get rid of them.

Next, recent debt.

Make sure you don't have a lot of hard inquiries on your credit report.

"For example, if you want to buy a car and check out six dealers, you give your license to each of them so you can test drive, and they're liable to hit your credit score," he says.

Instead, he says tell the dealer to wait until you decide that you actually want to buy the car.

Other tips: make sure the information on your credit report is correct. Often there are mistakes that can be hurting you without you even knowing it.

If you have several credit cards, it's best to have a small amount on each one, instead of a large amount on just one card.

And don't move money around from one card to another.

Be aware that credit counseling, short sales and foreclosures can all drop your score.

And if you are behind with any payments, contact the companies you owe and try to work with them, so they don't report you.

"The worst thing you can do is nothing and just let it build," he says.

To order your yearly credit report for free through the official Web site sponsored by the three credit bureaus, go to www.annualcreditreport.com.