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

Maximizing Your Fleet Potential: How Truck Financing Shapes Success

Trucks play a pivotal role in the Australian logistics and transport industry, serving as the lifeblood that keeps commerce flowing. The dependable rumble of engines crisscrossing the nation's highways is more than just a symbol of industry; it's a critical component of productivity and economic stability. Without these workhorses facilitating the timely movement of goods, the Australian market would face significant challenges meeting the demands of both businesses and consumers alike. - read more

Understanding the Fine Print: What to Look Out for in Truck Loan Contracts

Stepping into the realm of commercial truck financing can be a highway riddled with complex terms and conditions. Understanding commercial truck loans is not only about getting the keys to a new vehicle; it's a crucial investment in your business's future. As a borrower, you need to navigate through the fine print to find a loan that fits like a glove. - read more

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

Understanding Credit Scores and Their Impact on Your Commercial Vehicle Loan Terms

Finding the right financing for a commercial vehicle in Australia can be a critical step for businesses and individuals alike. Whether it's for a single van or an entire fleet of trucks, understanding the intricacies of commercial vehicle loans is key to securing a deal that aligns with your financial goals. One factor that stands out in determining your loan terms is the credit score—a numerical representation of your creditworthiness. - 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

Finance News

Delays in Australia's Strategic Fleet Raise Maritime Security Concerns

16 Mar 2026: Paige Estritori

The Australian government's plan to establish a strategic fleet of Australian-flagged ships has encountered delays, raising concerns about the nation's maritime resilience and security. The initiative, designed to bolster Australia's shipping capabilities and provide vessels for crises, emergencies, or defence support, has missed its initial deadlines, prompting industry experts to highlight growing vulnerabilities in trade and national security. - read more

First Home Buyer Loans See Significant Uptick with Government Initiatives

15 Mar 2026: Paige Estritori

Recent data from the Australian Bureau of Statistics (ABS) indicates a notable increase in first home buyer loans, with a 6.8% rise in the December quarter of 2025, totaling 31,783 new loans. This marks the most substantial growth since late 2023 and reflects the effectiveness of recent government interventions aimed at assisting first-time buyers. - read more

Victorian First Home Buyers Drive National Market Growth

15 Mar 2026: Paige Estritori

Victoria has emerged as a frontrunner in Australia's first home buyer market, accounting for nearly one-third of the nation's new first home buyer loans. In the December 2025 quarter, the state experienced a 3.5% increase in these loans, totaling 10,283. This growth reflects the effectiveness of recent government initiatives and the resilience of Victorian buyers amid a dynamic housing landscape. - read more

5% Deposit Scheme Drives Significant Uptake Among First Home Buyers

15 Mar 2026: Paige Estritori

The federal government's 5% Deposit Scheme, launched on October 1, 2025, has experienced a remarkable 75% increase in uptake, with 22,921 guarantees issued in the four months following its implementation. This surge underscores the scheme's effectiveness in facilitating homeownership for first-time buyers across Australia. - read more

Australian Share Market Suffers $120 Billion Loss Amid Middle East Unrest

14 Mar 2026: Paige Estritori

Recent developments in the Middle East have had a profound impact on global financial markets, with Australia's share market experiencing significant losses. Over the past week, the S&P/ASX200 index declined by 1%, resulting in a $120 billion reduction in market capitalisation. This downturn marks the most substantial weekly loss since April 2025. - 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

Certificate of Deposit (CD):
A savings certificate with a fixed maturity date and specified interest rate, typically higher than a standard savings account.