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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

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Boat Loans Articles

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The Role of Deposit Size in Boat Loan Approval
The Role of Deposit Size in Boat Loan Approval
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The Do's and Don'ts of Applying for a Boat Loan
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Finance News

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Queensland’s latest waterway clean-up in the Mackay region is a useful reminder that boat ownership does not end at the purchase price. Announced on 22 June 2026, the Queensland Government has now removed more than 150 derelict vessels from local waterways under the Keeping Our Waterways Safe initiative, with recent work focused on the Pioneer River. - read more
Vessev's Electric Hydrofoiling Boats Poised to Revolutionise Swan River Transport
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Perth's Swan River is on the brink of a transportation transformation with the introduction of Vessev's electric hydrofoiling vessels. These innovative boats promise to deliver high-speed travel without the disruptive wakes that have long restricted river usage. - read more
ACCC Halts BRP's Sale of Telwater to Yamaha
ACCC Halts BRP's Sale of Telwater to Yamaha
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The Australian Competition and Consumer Commission (ACCC) has intervened to block the proposed sale of Telwater Pty Ltd., a leading Australian aluminium boat manufacturer, from BRP Inc. to Yamaha Motor Australia. This decision ensures that Telwater remains under BRP's ownership for the foreseeable future. - read more
Austal to Construct New Passenger Catamaran for Whitsundays Routes
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16 Jun 2026: Paige Estritori
Austal Limited has announced that its Australasia division has secured a contract valued between AUD 14 million and AUD 16 million to build a 36-metre passenger catamaran for Cruise Whitsundays, part of the experiential tourism group Journey Beyond. This vessel is set to enhance transport services in Queensland's renowned Whitsundays region. - read more
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Pioneering Australia's First Fully Electric Passenger Ferry
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09 Jun 2026: Paige Estritori
In a groundbreaking development for Australia's marine industry, Aus Ships and Volvo Penta have announced their collaboration to construct the nation's first fully electric passenger ferry. This initiative signifies a major advancement in sustainable marine transportation, aligning with global efforts to reduce carbon emissions and promote eco-friendly alternatives. - read more
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