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?

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.

Debt Stressed?

If you're struggling to pay your debts and covering living expenses, we're here to help. Through our national panel of Debt Management specialists, we can help customers with $10k or more in debt by consolidating your existing loans, stopping Debt collectors from contacting you and re-negotiating repayments on your terms!

... start your free debt analysis ...

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

Truck Loans Articles

Understanding Your Options: A Guide to Commercial Vehicle Loans in Australia

If you're running a business in Australia, choosing the right commercial vehicle loan can be pivotal to your success. Whether you're a small business owner needing a delivery van or a large company expanding your fleet, understanding your financing options is crucial. - read more

Maximizing Your Investment: Strategies for Enhancing Truck Resale Value in Australia

The commercial vehicle market in Australia is a cornerstone of the transportation and logistics industries, with trucks playing an indispensable role. Whether for long-haul deliveries across the vast distances of the continent or for urban distribution, trucks are critical assets for businesses and entrepreneurs alike. This significance makes it essential for commercial vehicle buyers to understand the dynamics of truck resale values in Australia. - read more

Essential Document Checklist for Truck Loan Approval: What You Need to Know

Getting the right truck loan can be essential for business owners who rely on commercial vehicles. These loans cover a variety of commercial vehicle types and are crucial for ensuring your business operations run smoothly. Truck loans, specifically, provide the necessary finances to purchase trucks, which are indispensable in industries like logistics and delivery services across Australia. - read more

How to maintain your truck to extend its lifespan in Australian conditions

Maintaining your truck is essential if you want to prolong its lifespan and save money down the road. Australian conditions can put a lot of strain on your vehicle, and neglecting its maintenance can lead to costly breakdowns and repairs. - read more

How to find the best insurance for your trucking business in Australia

As a trucking business owner in Australia, finding the right insurance is crucial to the protection of your business. To achieve this, it is important to first understand your specific business needs. Here are some factors to consider: - read more

Finance News

Impact of Home Guarantee Scheme on Entry-Level Property Prices

24 Apr 2026: Paige Estritori

Recent analysis by property analytics firm Cotality indicates that the federal government's expanded Home Guarantee Scheme, introduced in October 2025, has inadvertently contributed to a surge in prices for entry-level properties. This development raises questions about the scheme's effectiveness in enhancing housing affordability for first-time buyers. - read more

Success of the Help to Buy Scheme in Assisting First-Time Homeowners

24 Apr 2026: Paige Estritori

Since its launch on 5 December 2025, the Australian Government's Help to Buy Scheme has made significant strides in facilitating homeownership for Australians facing financial hurdles. Within two months, the scheme has conditionally or fully approved over 2,356 places, with 278 households already moving into their new homes and more than 2,078 preparing to purchase. - read more

ACT's Commitment to Providing Affordable Homes for First-Time Buyers

24 Apr 2026: Paige Estritori

The Australian Capital Territory (ACT) Government has entered into a partnership with the federal government to deliver approximately 4,900 new homes, including over 1,700 designated exclusively for first-time buyers. This collaboration aims to address housing affordability and support individuals striving to enter the property market. - read more

MotorCycle Holdings Achieves Significant Revenue Growth in Early 2026

23 Apr 2026: Paige Estritori

MotorCycle Holdings Limited, Australia's leading motorcycle retailer, has reported a substantial 21% increase in revenue for the first half of the 2026 fiscal year, reaching $396.4 million. This growth is attributed to both organic expansion and the successful integration of the Peter Stevens/Harley-Heaven acquisition completed in July 2025. - read more

Victoria Moves to Secure Future of MotoGP at Phillip Island

23 Apr 2026: Paige Estritori

The Victorian government has extended a financial proposal to retain the Australian Motorcycle Grand Prix at Phillip Island, as the current contract approaches its expiration. This initiative aims to ensure the continuation of the event, which has been a staple at the Phillip Island circuit since the 1990s, drawing thousands of tourists annually. - read more

Click for more Finance News

Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!

Knowledgebase

Mortgage Document:
The physical contract agreement that a Mortgagee (lender) enters into with a Mortgagor (borrower) outlining the precice terms of a mortgage loan.