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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

Why You Should Consider a Specialist Broker for Your Next Australian Boat Purchase
Why You Should Consider a Specialist Broker for Your Next Australian Boat Purchase
The allure of the open waters, the thrill of steering your very own vessel, and the prestige of boat ownership are undeniably intoxicating dreams for many. Whether zipping through waves on a swift personal watercraft or unwinding aboard a serene sailboat, purchasing a marine vessel in Australia holds a certain romantic appeal that's hard to resist. - read more
The Boater’s Financial Pre-Loan Checklist: Ensuring Smooth Sailing
The Boater’s Financial Pre-Loan Checklist: Ensuring Smooth Sailing
Are you dreaming of setting sail on your very own boat? While the freedom and adventure of boating are incredibly enticing, it's essential to ensure you're financially prepared before taking out a boat loan. - read more
Why Pre-Approval Could be Your First Step to Owning Your Dream Boat
Why Pre-Approval Could be Your First Step to Owning Your Dream Boat
Imagine the spray of the sea caressing your face, the horizon stretching infinitely ahead, and the sense of freedom that sailing on your own boat provides. Owning a dream boat is a privilege that encapsulates excitement, adventure, and prestige – a tangible reward for hard work and dedication. - read more
How to Improve Creditworthiness and Increase Chances of Boat Financing Approval
How to Improve Creditworthiness and Increase Chances of Boat Financing Approval
Are you dreaming of purchasing your dream boat but worried about getting approved for financing? Ensuring you have a good creditworthiness is essential when it comes to obtaining boat financing. In this blog post, we will explore the importance of creditworthiness in boat financing and provide valuable tips on how you can improve your creditworthiness to increase your chances of getting approved for boat financing. - read more
Tips for Australians Seeking Boat Financing Despite a Low Credit Score
Tips for Australians Seeking Boat Financing Despite a Low Credit Score
For many Australians, owning a boat is a dream come true. However, if you have a low credit score, obtaining financing for your dream boat can be a daunting task. A low credit score can make it challenging to secure traditional boat loans from banks or lenders. - read more
How to Navigate Your Boat Loan Options with a Varied Credit History
How to Navigate Your Boat Loan Options with a Varied Credit History
Australia's crystal-clear waters and expansive coastlines make it a haven for maritime enthusiasts. Boating is not just a leisure activity but a way of life for many Australians, with vessels ranging from modest dinghies to luxurious yachts gracing the shorelines. The boating lifestyle in Australia speaks to a culture of adventure, relaxation, and a love for the great outdoors. - read more

Finance News

Inaugural Great Barrier Reef Conference Highlights Marine Industry's Economic Impact
Inaugural Great Barrier Reef Conference Highlights Marine Industry's Economic Impact
07 Apr 2026: Paige Estritori
The inaugural Great Barrier Reef Commercial Marine Conference, held on 11 March 2026 in Cairns, brought together 50 industry leaders, operators, and suppliers to discuss the future of Australia's commercial marine sector. Sponsored by Tropical Reef Shipyard, the event provided a platform for collaboration and insight-sharing among key stakeholders. - read more
2026 Australian Marine Industry Awards: Honouring Excellence in the Marine Sector
2026 Australian Marine Industry Awards: Honouring Excellence in the Marine Sector
07 Apr 2026: Paige Estritori
The Australian Marine Industry Awards are set to return in 2026, celebrating outstanding achievements across the nation's superyacht, marine export, and commercial marine sectors. Presented by the Australian International Marine Export Group (AIMEX), these prestigious awards are open to members of AIMEX, Superyacht Australia, and the Australian Commercial Marine Group (ACMG). - read more
Australian Marine Industry Achieves $229 Billion Economic Milestone
Australian Marine Industry Achieves $229 Billion Economic Milestone
07 Apr 2026: Paige Estritori
Australia's marine industry has reached a remarkable economic milestone, with its output soaring to $229 billion in 2023. This 19% increase from previous years underscores the sector's robust growth and its pivotal role in the national economy. - read more
Club Marine Introduces Land-Based Insurance for Race Boats
Club Marine Introduces Land-Based Insurance for Race Boats
30 Mar 2026: Paige Estritori
Club Marine, Australia's leading boat insurance provider, has expanded its services to include land-based insurance coverage for race boats. This initiative is the result of a new partnership with the Australian Offshore Powerboat Club (AOPC), aiming to address the specific needs of race boat owners. - read more
BIA Calls for Government Support in Marine Manufacturing
BIA Calls for Government Support in Marine Manufacturing
30 Mar 2026: Paige Estritori
The Boating Industry Association Ltd (BIA) has issued a call to all levels of Australian government to provide strategic support for the nation's marine manufacturing and recreational boating sector. This appeal comes in response to a critical skills shortage that poses a threat to the industry's economic potential. - read more
BIA Introduces Responsible Boat Ownership Campaign
BIA Introduces Responsible Boat Ownership Campaign
30 Mar 2026: Paige Estritori
The Boating Industry Association (BIA) has launched a new public education campaign aimed at promoting safe and responsible boating practices among Australians. This initiative, titled the 'Responsible Boat Ownership' campaign, is a collaborative effort under the Australia New Zealand Safe Boating Education Group (ANZSBEG) and coincides with Safe Boating Week 2025. - read more
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Knowledgebase
Balloon Payment.:
A large loan repayment made in order to clear a debt. Usually applied to a short-term fixed-rate loan, which involves small payments for a certain period of time with one large payment for the remaining amount of the principal at a time specified in the future.


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