Don't let existing lines of credit close.

If you've followed our advice for any length of time, you know that we want you to be smart about credit. That said, as stories spread about banks and credit card companies tightening lines of credit, it's important to keep your current accounts open.

Longstanding credit accounts with a good history can boost credit score, and for most of us, these are the cards likely to have higher limits. And though they have somewhat fallen out of favor, a home equity line of credit can be a valuable resource for funds in the event of job loss or others unexpected events. (However, we suggest tapping home equity only as a last resort.) Let your banker know that you want to keep these credit lines open.

Next: Don't believe you can't borrow money now.