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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.
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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

Budgeting Blunders: Common Errors in Boat Financing Explained
Budgeting Blunders: Common Errors in Boat Financing Explained
A boat loan can be defined as a type of financing tailored specifically to help buyers acquire a boat. It serves a crucial role in making the dream of boat ownership more attainable, as it enables you to spread the payment over a period of time rather than shelling out a substantial sum upfront. - 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
3 Things to Avoid When Buying a Used Boat in Australia
3 Things to Avoid When Buying a Used Boat in Australia
Buying a used boat can be an exciting adventure, but it can also be a daunting task. It's important to remember that purchasing a high-quality used boat is crucial for your safety and enjoyment on the water. Australia's vast coastline and numerous waterways make it a prime location for boating enthusiasts, but with so many options available, it's easy to fall into common traps. - read more
Boat Maintenance 101: Tips to Keep Your Vessel Ship-Shape
Boat Maintenance 101: Tips to Keep Your Vessel Ship-Shape
As a boat owner, it's crucial to understand the importance of routine maintenance to keep your vessel in good condition. Neglecting maintenance can lead to costly repairs and unsafe conditions. - read more
The Benefits of Pre-Approved Boat Financing
The Benefits of Pre-Approved Boat Financing
Pre-approved boat financing is an initial green light from a lender indicating that you are eligible to borrow up to a certain amount of money for the purchase of a boat. This process involves a preliminary assessment of your creditworthiness, usually before you start shopping for your new vessel. - read more
The Beginner's Guide to Understanding Boat Insurance Coverage Options
The Beginner's Guide to Understanding Boat Insurance Coverage Options
Setting sail across the sparkling waters, whether for recreational fishing, cruising, or thrilling water sports, is a pastime many Australians cherish. However, with the joys of boating also come risks. From unpredictable weather conditions to unexpected maintenance needs, owning a boat is a significant responsibility—one that makes understanding boat insurance not just beneficial but essential for peace of mind on the waves. - read more

Finance News

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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
Australian Superyacht Conference 2026: New Format and Sydney Location
Australian Superyacht Conference 2026: New Format and Sydney Location
12 Feb 2026: Paige Estritori
Superyacht Australia has announced the return of the Australian Superyacht Conference in 2026, introducing a refreshed format and a new location in Sydney. Traditionally held on the Gold Coast in May ahead of the Sanctuary Cove International Boat Show, the conference will now take place immediately following the inaugural Sydney Charter Show, creating an exciting week of activity for Australia’s growing superyacht sector. - read more
d’Albora Marinas Strengthens Southeast Queensland Presence with New Acquisition
d’Albora Marinas Strengthens Southeast Queensland Presence with New Acquisition
12 Feb 2026: Paige Estritori
d’Albora Marinas, Australia’s largest premium marina and hospitality network, has expanded its national footprint with the acquisition of Tin Can Bay Marina, strengthening its presence in Southeast Queensland and reinforcing its commitment to investing in standout coastal destinations. - read more
BIA's 'Go Boating SA' Initiative Aims to Boost Safe Boating Practices
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04 Feb 2026: Paige Estritori
The Boating Industry Association (BIA) has recently unveiled the 'Go Boating SA' campaign, a strategic initiative designed to promote safe and enjoyable boating experiences across South Australia. This campaign underscores the BIA's commitment to enhancing the state's marine industry and fostering community engagement. - read more
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