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

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Finance News

Navigating Cosmetic Surgery Financing: A Comprehensive Guide for Australians

05 Jun 2026: Paige Estritori

Undergoing cosmetic surgery can be a transformative experience, but the associated costs often pose a significant financial challenge. In Australia, individuals have several financing options to consider, each with its own advantages and drawbacks. Understanding these options is crucial for making informed decisions that align with both aesthetic goals and financial well-being. - read more

Regulatory Concerns Rise Over 'Buy Now, Pay Later' Schemes in Cosmetic Clinics

05 Jun 2026: Paige Estritori

Australian cosmetic clinics are increasingly promoting 'buy now, pay later' (BNPL) schemes to attract clients seeking immediate access to elective procedures without upfront payments. This trend has prompted health authorities and consumer advocates to scrutinize the use of unregulated credit services in the cosmetic industry, raising concerns about potential financial risks and the circumvention of medical financing regulations. - read more

Discover Flexible Financing Options for Your Cosmetic Surgery in Australia

29 May 2026: Paige Estritori

Australians seeking cosmetic surgery now have access to a range of flexible financing options tailored to diverse financial situations. Several financial institutions have introduced specialised loans to make aesthetic procedures more accessible. - read more

Wisr Offers Affordable Financing for Cosmetic Surgery Procedures

29 May 2026: Paige Estritori

Australians considering cosmetic surgery now have access to tailored financing solutions, thanks to Wisr's introduction of low-rate personal loans designed specifically for medical procedures. With interest rates starting from 7.44% per annum for individuals with excellent credit histories, Wisr aims to make aesthetic enhancements more financially accessible. - read more

Click for more Finance News

Personal Loan Articles

How to Afford Cosmetic Surgery Without Savings

Cosmetic surgery has become increasingly popular in Australia, with many individuals seeking procedures to enhance their appearance and boost self-confidence. The decision to undergo cosmetic surgery can be deeply personal, offering significant psychological benefits for those who may have long struggled with self-esteem issues. - read more

Can I Get a Loan for Plastic Surgery with Bad Credit?

In recent years, the demand for plastic surgery has been on the rise. Many Australians seek cosmetic procedures for various reasons, including boosting self-esteem or addressing physical insecurities. The psychological and personal benefits can be significant, often resulting in greater confidence and improved quality of life. - read more

Smart Financing for Cosmetic Surgery: Evaluating Personal Loans versus Payment Plans

Cosmetic surgery has seen a remarkable rise in popularity across Australia in recent years. From rhinoplasty to liposuction, more and more Australians are embracing these procedures to enhance their appearance and boost their confidence. This surge in interest can be attributed to evolving beauty standards, advances in medical technology, and social media influence. - read more

Is Cosmetic Surgery Worth the Cost?

Cosmetic surgery refers to procedures that enhance or alter a person's appearance through surgical and medical techniques. It's often chosen for aesthetic reasons, aiming to boost confidence and self-esteem by addressing perceived bodily imperfections. These procedures can range from non-invasive treatments like Botox to major surgeries such as rhinoplasty or breast augmentation. - read more

Knowledgebase

Personal Loan:
A personal loan is usually made by a financial institution to an individual person without the need for the provision of asset security. Personal loans can generally be obtained for any worthwhile purpose subject to the lending criteria of the financ