4. Keep Old Lines of Credit Open It’s important that you don’t close old lines of credit, even after you’ve paid them off. While closing unused accounts may seem like a good idea, it can increase your credit utilization ratio — which, in turn, can lower your credit score. 5. Don’t take on new debt when applying for a mortgage, the less debt you have, the better off you are. Because each credit application can lower your credit score, FICO recommends that you not open new credit accounts to increase your credit utilization ratio. After your credit improves, you should shop within 30 days, especially since posting inquiries about rates can damage your credit score. It is a known fact that mortgage rates are constantly changing. While some of the factors that contribute to these fluctuations are beyond most homeowners’ control, you can control your credit score. Since your credit score is a major determinant of the type of mortgage rate you will get, it is important to keep your score healthy. It is also crucial that you understand how a few credit scores can affect your mortgage rate. If you are looking for the best mortgage rates with good credit, you may want to speak with a mortgage professional first. We have a list of the best performing mortgage professionals in the United States, including mortgage loan officers, in our Best in Mortgage section. Do you have experience getting good mortgage rates with good credit? Tell us in the comments section below.