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Boat Loans Australia
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Boat Loans Australia :: Articles

5 Credit Killers

What are the top factors that can damage your credit score?

5 Credit Killers

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

A good credit score speaks volumes about your financial habits. It's the evidence most creditors need to evaluate your credit worthiness.
Interestingly, there are some credit killers that even people maintaining good credit scores would unwittingly be a part of, which will be their undoing when applying for credit facilities in the future.
These mistakes may seem to be insignificant, but when the time comes, you may face more problems than you expect.

Avoiding Debt

Creditors need to evaluate your financial history to approve any credit facilities.
If you have no previous or existing debts, it might adversely affect your case, as creditors have no way of checking out how you'll handle the credit you get from them.

Shopping For Rates

Looking around for the best rate may actually turn out to be bad.
Debt Stressed?
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Too many inquiries within a short period could damage your credit score.
Usually, if you do more than 3 or 4 inquiries within a single month, you are likely to scare the lenders. For the same reasons, transferring the balances on your credit cards could be a bad idea as well.

Assuming There's a Grace Period

If you are late on a payment by even one day, you are late, period.
Never assume there's a grace period for late payments, because it only affects your credit score negatively.

Closing Old Accounts

Because your relevant transaction history also gets erased when you close your old accounts, your credit history is shortened and it may lower your credit score.
If you want to close your old accounts, close everything except the oldest account, which will leave a longer history.

Co-signing Loans

The obvious problem here is that the primary borrower's mistakes will end up on your credit report as well.

Published: Sunday, 1st Aug 2021
Author: Paige Estritori


Boat Loans Articles

The Ultimate Checklist for a Hassle-Free Loan Application Process
The Ultimate Checklist for a Hassle-Free Loan Application Process
Navigating the financial path to securing a dream can be a thrilling journey. For many, the aspiration to own a boat and sail the picturesque waters of Australia is a dream intensely pursued. Yet, the wake of excitement is often trailed by the complexity of financial planning. - read more
Financing Your Dream Boat? Here's What You Need to Know about Insurance
Financing Your Dream Boat? Here's What You Need to Know about Insurance
Purchasing your dream boat brings with it a rush of excitement and a sense of freedom unparalleled by the confines of land. Whether you envision serene days sailing crystalline waters or action-packed fishing adventures, owning a boat provides an escape to a world of aquatic possibilities. As you prepare to navigate the open seas or tranquil lakes, it's crucial to consider not just the wind in your sails, but also the protection of your new vessel. - read more
Tips for Boaters: Understanding Fixed vs Variable Interest Rates
Tips for Boaters: Understanding Fixed vs Variable Interest Rates
When you're embarking on the adventure of buying your first boat, understanding interest rates becomes crucial. But what are interest rates exactly? In the context of loans, they represent the cost of borrowing money, expressed as a percentage of the loan amount. Essentially, it’s the price you pay for the financing that makes your dream of boat ownership a reality. - read more
Your First Boat: Financing Strategies Every New Buyer Should Know
Your First Boat: Financing Strategies Every New Buyer Should Know
Understanding the excitement of being a first-time boat buyer is essential. There’s something truly exhilarating about the idea of cruising on open waters, enjoying sunsets, and creating lasting memories with friends and family. However, alongside this excitement comes the reality of making a significant investment. - read more
Sea-Worthy Solutions: How to Compare Boat Insurance Providers in Australia
Sea-Worthy Solutions: How to Compare Boat Insurance Providers in Australia
Embarking on the journey to purchase a boat is an exhilarating milestone, bringing with it the promise of sun-soaked adventures and serene escapes on the water. Yet, beneath the waves of excitement, lies the crucial decision of selecting the right boat insurance provider in Australia—an aspect as pivotal as the vessel itself. Boat insurance not only safeguards your maritime investment against unforeseen incidents but also ensures that your nautical dreams stay afloat in turbulent times. - read more
Maintenance Checklist: Keeping Your New Boat in Top Shape
Maintenance Checklist: Keeping Your New Boat in Top Shape
Welcome to the exciting world of boating! Owning a boat opens up a realm of adventures on the water, from leisurely cruises to thrilling water sports. - read more

Finance News

Marinas26 Conference to Highlight AI's Transformative Impact on Marina Operations
Marinas26 Conference to Highlight AI's Transformative Impact on Marina Operations
28 Feb 2026: Paige Estritori
The Marina Industries Association (MIA) has unveiled the comprehensive program for Marinas26, its biennial conference and trade exhibition, scheduled for 24–27 May 2026 at the RACV Royal Pines Resort on Queensland’s Gold Coast. Embracing the 'Future Smart' theme, the event aims to delve into emerging trends and technologies poised to reshape the marina and boatyard sector across the Asia-Pacific region. - read more
Major Banks Respond to RBA's Interest Rate Hike with Loan Rate Increases
Major Banks Respond to RBA's Interest Rate Hike with Loan Rate Increases
28 Feb 2026: Paige Estritori
In a significant move, the Reserve Bank of Australia (RBA) has increased the cash rate by 0.25 percentage points to 3.85%, marking the first rate hike in over two years. This decision has prompted major banks, including the Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB), and ANZ, to adjust their loan interest rates accordingly. - read more
Luxury Yacht Segment Thrives Amidst Performance Boat Market Fluctuations
Luxury Yacht Segment Thrives Amidst Performance Boat Market Fluctuations
28 Feb 2026: Paige Estritori
The latest Q4 2025 Marine Market Report reveals a notable divergence in the Australian marine industry, with the luxury yacht segment experiencing significant growth, while the performance boat sector faces considerable volatility. - read more
Delays in Australia's Strategic Fleet Tender Raise Maritime Security Concerns
Delays in Australia's Strategic Fleet Tender Raise Maritime Security Concerns
20 Feb 2026: Paige Estritori
The Australian government's plan to establish a strategic fleet of Australian-flagged ships has encountered delays, raising concerns about the nation's maritime resilience and security. The initiative, designed to bolster Australia's shipping capabilities and provide vessels for crises, emergencies, or defence support, has missed its initial deadlines, prompting industry experts to highlight growing vulnerabilities in trade and national security. - read more
Artificial Intelligence Sets Course for Maritime Competitiveness in 2026
Artificial Intelligence Sets Course for Maritime Competitiveness in 2026
20 Feb 2026: Paige Estritori
The maritime industry is undergoing a significant transformation in 2026, driven by advancements in artificial intelligence (AI), data analytics, and cloud collaboration. These technologies are reshaping ship design, operations, and sustainability, setting the stage for a new era of maritime competitiveness. - read more
Sydney Boat Show 2026: Bigger and Better at Sydney Olympic Park
Sydney Boat Show 2026: Bigger and Better at Sydney Olympic Park
12 Feb 2026: Paige Estritori
The Boating Industry Association Ltd (BIA) has officially announced that the 2026 Sydney Boat Show will take place at the Sydney Showgrounds at Sydney Olympic Park from Thursday, 30 July to Sunday, 2 August 2026. This four-day event is set to expand following the success of its debut in 2025 and strong interest from the industry. - read more
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