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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

How to Choose the Right Boat Finance Option
How to Choose the Right Boat Finance Option
Before embarking on the exciting journey of purchasing a new boat, it is essential to have a clear understanding of boat finance options. Choosing the right financing option can save you a considerable amount of money in the long run. Having said that, the numerous finance options and terms can be confusing and daunting for first-time buyers. - read more
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
Navigating Boat Loans: How to Determine Your Financial Course
Navigating Boat Loans: How to Determine Your Financial Course
Have you ever imagined yourself steering through the sapphire waters, the wind in your hair and the sun on your face, aboard your very own boat? The dream of owning a boat is a passionate pursuit for many. Yet, before this vision becomes a reality, there is a significant financial journey ahead that requires careful navigation and thoughtful planning. - read more
Boat Maintenance on a Budget: A Seasonal Checklist for Every Owner
Boat Maintenance on a Budget: A Seasonal Checklist for Every Owner
Owning a boat is a dream for many Australians, offering the freedom to explore our stunning coastlines and inland waterways. However, with that dream comes the reality of maintenance costs that can quickly add up if not carefully managed. Budget-friendly boat maintenance is key to ensuring you can enjoy your vessel without breaking the bank. - read more
From Dreams to Reality: Choosing the Right Boat Loan for First-Time Buyers
From Dreams to Reality: Choosing the Right Boat Loan for First-Time Buyers
Owning a boat is a dream for many Australians, offering an opportunity to explore the country's stunning waterways, enjoy recreational activities, and create lasting memories with family and friends. - read more
How to Choose the Best Marine Insurance Policy While Financing Your Boat
How to Choose the Best Marine Insurance Policy While Financing Your Boat
Welcome, fellow boating enthusiasts! Whether you're looking to sail the coasts of Australia or enjoy leisurely days on the water, financing a boat can be a thrilling adventure. However, securing the right marine insurance policy goes hand-in-hand with this exciting journey, and it's an absolute must. - read more

Finance News

Celebrating the Success of the 2025 Sydney International On-Water Boat Show
Celebrating the Success of the 2025 Sydney International On-Water Boat Show
02 Dec 2025: Paige Estritori
The 56th Sydney International On-Water Boat Show, held from 13 to 16 November 2025 at Darling Harbour, has concluded with remarkable success. This year's event attracted over 20,000 visitors, underscoring the enduring appeal of Australia's marine lifestyle and industry. - read more
Victoria's Arcadia Hatchery: A Milestone in Native Fish Production
Victoria's Arcadia Hatchery: A Milestone in Native Fish Production
02 Dec 2025: Paige Estritori
Victoria has taken a significant step forward in native fish conservation with the opening of the Arcadia Native Fish Hatchery, now the largest facility of its kind in Australia. Located just south of Shepparton, this state-of-the-art hatchery is set to revolutionise the state's fisheries sector and bolster recreational fishing opportunities. - read more
Unveiling the Cause of South Australia's Harmful Algal Bloom
Unveiling the Cause of South Australia's Harmful Algal Bloom
02 Dec 2025: Paige Estritori
Since March 2025, South Australia's coastline has been grappling with a harmful algal bloom (HAB) that has severely impacted marine life, the fishing industry, and tourism. Recent research has identified Karenia cristata as the dominant species responsible for this environmental crisis. - read more
Celebrating the Success of the 2025 Sydney International On-Water Boat Show
Celebrating the Success of the 2025 Sydney International On-Water Boat Show
24 Nov 2025: Paige Estritori
The 56th Sydney International On-Water Boat Show has wrapped up after four dynamic days at Darling Harbour, drawing over 20,000 visitors and featuring more than 160 vessels from 120 leading international and Australian marine brands. This year's event underscored the strength and appeal of Australia's marine lifestyle and industry. - read more
Marina Bayside Hosts First-Ever Southern Sydney Marine Expo
Marina Bayside Hosts First-Ever Southern Sydney Marine Expo
24 Nov 2025: Paige Estritori
On 8 November 2025, Marina Bayside in Taren Point proudly hosted the inaugural Southern Sydney Marine Expo, marking a significant milestone for Sydney's boating community. This event celebrated the opening of the $20 million purpose-built facility, designed to revolutionise marine services and storage in the region. - read more
BIA Announces Innovative Changes to Australia's Boat Shows in 2025
BIA Announces Innovative Changes to Australia's Boat Shows in 2025
24 Nov 2025: Paige Estritori
In a strategic move to align with evolving industry needs and global trends, the Boating Industry Association (BIA) has announced significant changes to Australia's boat show landscape for 2025. These changes aim to enhance engagement, showcase innovation, and cater to the diverse interests of the boating community. - read more
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