Tips on raising your credit score:

1. Improve your payment history

• Pay your bills on time. Delinquent payments and collections can have a major negative impact on your score.

• If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score. But also be aware even if you pay off a collection account, it will stay on your report for seven years.

• Contact your creditors or a legitimate credit counselor if you're having trouble making ends meet. This won't improve your score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.

2. Lower your amounts owed

• Keep your balances low on credit cards and other "revolving credit."

• Pay off debt rather than moving it around. The most effective way to improve your score is by paying down your revolving credit.

• Don't close unused credit cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.

• Don't open new credit cards you don't need just to increase your available credit. This approach could backfire and lower your score.

3. Make the most of the length of your credit history

• If you've been managing credit for a short time, don't open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.

- Source: Chad A. Osorno, senior vice president of Wells Fargo in Northern Nevada