Your credit score is an important factor in determining whether or not you will be approved for a mortgage refinance, and the interest rate you will be offered. A higher credit score will generally lead to a lower interest rate.

Here are some things you can do to improve your credit score before you refinance your mortgage:

• Pay your bills on time. This is the most important thing you can do to improve your credit score.
• Keep your credit utilization low. Your credit utilization is the percentage of your available credit that you are using. A good goal is to keep your credit utilization below 30%.
• Don’t apply for too many new lines of credit in a short period of time. This can lower your credit score.
• Dispute any errors on your credit report. If you see any errors on your credit report, dispute them with the credit bureaus.

If you can improve your credit score before you refinance your mortgage, you will likely be approved for a lower interest rate, which could save you money on your monthly payments.

Here are some additional tips for improving your credit score:

• Get a copy of your credit report from each of the three credit bureaus (Experian, Equifax, and TransUnion) and review it for errors.
• If you find any errors, dispute them with the credit bureaus.
• Pay down your debt. The lower your debt-to-income ratio, the better your credit score will be.
• Don’t close old credit accounts. Closing old accounts can lower your credit score.
• Use credit wisely. Only use credit when you need it and make sure to pay your bills on time.

Improving your credit score takes time and effort, but it can be worth it in the long run. If you are planning to refinance your mortgage, it is a good idea to start working on improving your credit score as soon as possible.