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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

Unlocking Boat Ownership: Key Documents for Your Loan Application
Unlocking Boat Ownership: Key Documents for Your Loan Application
Owning a boat is a dream for many Australians. The idea of spending serene weekends on the water or embarking on exciting fishing trips is undeniably appealing. However, turning this dream into reality often requires financial support in the form of a boat loan. Understanding the intricacies of financing your boat is a critical first step on this journey. - 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
Unlocking Better Deals: The Negotiation Power of Specialist Finance Brokers
Unlocking Better Deals: The Negotiation Power of Specialist Finance Brokers
When embarking on the thrilling journey of boat acquisition, the role of specialist finance brokers often remains a hidden key on the sail to a successful purchase. A specialist finance broker serves as a seasoned navigator in the vast sea of boat finance, expertly guiding buyers through complex financial waters to secure the best deals tailored to their individual needs. - read more
The Captain's Checklist: Essential Documentation for Australian Boat Loan Approval
The Captain's Checklist: Essential Documentation for Australian Boat Loan Approval
Embarking on the exciting journey of boat ownership in Australia comes with its own set of nautical nuances, particularly when navigating the waters of financing. The cornerstone to a smooth sail towards securing a boat loan lies in the preparation and presentation of the essential documentation. This is not merely a procedural step, but a vital component in demonstrating your reliability and seriousness as a borrower. - 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
Budgeting for Boat Ownership: Best Practices for Financing
Budgeting for Boat Ownership: Best Practices for Financing
Owning a boat brings unparalleled joy and freedom, whether you're cruising Sydney Harbour or exploring the Great Barrier Reef. However, like many rewarding pursuits, there is a financial side to consider. Understanding the true costs associated with boat ownership is crucial, allowing you to budget properly and enjoy your nautical adventures stress-free. - read more

Finance News

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18 Dec 2025: Paige Estritori
The Boating Industry Association Ltd (BIA) has recently called upon all levels of Australian government to provide strategic support to the nation's marine manufacturing and recreational boating sector. This appeal comes in response to a significant skills shortage that poses a threat to the industry's economic potential. - read more
Australian Boating Industry Poised for $20 Billion Expenditure by 2030
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18 Dec 2025: Paige Estritori
The Boating Industry Association (BIA) has released the National Recreational Boating Statement, providing a comprehensive overview of the sector's scale, value, and future projections. The statement forecasts that by 2030, Australians will spend $20 billion annually on boating activities, underscoring the industry's significant economic and social impact. - read more
Ian Thorpe Embarks on New Challenge in Sydney-Hobart Yacht Race
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Australian Olympic swimming legend Ian Thorpe is set to make waves in a new arena by joining the crew of the supermaxi yacht LawConnect for the upcoming Sydney-Hobart Yacht Race. This marks a significant transition for Thorpe, who has previously dominated the swimming world with five Olympic gold medals. - read more
BIA's 'Discover Boating' Initiative Encourages Australians to Embrace the Water
BIA's 'Discover Boating' Initiative Encourages Australians to Embrace the Water
10 Dec 2025: Paige Estritori
The Boating Industry Association Ltd (BIA) has unveiled its annual 'See You Out There' campaign, a key component of the 'Discover Boating' initiative aimed at inviting Australians to experience the joys and benefits of boating. Launching on November 1, this campaign seeks to highlight the freedom, connection, and well-being that come from spending time on the water. - read more
Sydney International On-Water Boat Show 2025: A Resounding Success
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10 Dec 2025: Paige Estritori
The 56th Sydney International On-Water Boat Show has successfully concluded after four dynamic days at Darling Harbour, reaffirming its status as a premier event in Australia's marine industry. Presented by the Boating Industry Association Ltd (BIA) in partnership with Mulpha Events, the show attracted over 20,000 visitors, offering a comprehensive showcase of the boating lifestyle. - read more
Celebrating the Success of the 2025 Sydney International On-Water Boat Show
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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
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