Essential Tips to Avoid 5 Common Credit Killers and Boost Scores

5 Credit Killers

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

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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.

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.

Boat Loans Australia News Insights

Podcast Cover Image RBA lifted the cash rate by 0.25% on 3 November, with banks already moving mortgage and some savings rates. Buyers should recheck budgets, use calculators and understand fees as lenders review boat finance pricing. In South Australia, a 50% discount on boat and light trailer registrations ends 1 December 2026, alongside free ramp access through the period. Sydneys The Spit Boat Show runs 7–8 November with sea trials and new releases—ideal for research before financing. Globally, FLIBS 2026 reported strong sales and many debuts, signalling new models heading to Australian dealers and the need to confirm delivery times and pricing.

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

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A distribution of a portion of a company's earnings to its shareholders, usually in the form of cash or additional stock.