Anyloan Australia :: Articles

5 Credit Killers

What are the top factors that can damage your credit score?

5 Credit Killers
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?
Image for 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!
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


Finance Articles

Smart Borrowing in the Digital Age: Navigating the World of Online Loans
Smart Borrowing in the Digital Age: Navigating the World of Online Loans
In today's digital age, the landscape of borrowing has evolved with the emergence of online loans. The convenience and accessibility offered by online lenders have made them an increasingly popular choice for Australians seeking financial assistance. However, it is essential to approach online borrowing with caution and make informed decisions to ensure smart borrowing practices. - read more
Debt Consolidation Loans: A Tool for Smarter Repayment Planning
Debt Consolidation Loans: A Tool for Smarter Repayment Planning
Debt consolidation loans serve a crucial purpose in the financial toolbelt of individuals juggling multiple debts. At its core, consolidation is the process of combining several loans or liabilities into one single loan. This technique is not just a clerical convenience but a strategic move that can transform repayment chaos into manageable order. By merging debts, borrowers can often secure better interest rates, lower monthly payments, and a more transparent repayment timeline. - read more
How Much Can You Borrow? A Complete Guide to Assessing Your Borrowing Power
How Much Can You Borrow? A Complete Guide to Assessing Your Borrowing Power
Understanding your borrowing power is an essential step for anyone looking to take out a loan. This concept represents the amount of money you're eligible to borrow from a lender, whether it’s for purchasing a home, a car, or investing in your future. Knowing your borrowing power not only sets realistic expectations but also guides you in financial planning and budgeting for your loan repayments. - read more
The Pros and Cons of Personal Loans for Young Professionals
The Pros and Cons of Personal Loans for Young Professionals
Personal loans are a financial tool that many young professionals consider when they need extra funds. Whether it's for consolidating debt, covering unexpected expenses, or making a big purchase, personal loans can provide the flexibility you need to manage your finances effectively. - read more
Understanding Loan Comparison: A Guide for New Borrowers
Understanding Loan Comparison: A Guide for New Borrowers
For new borrowers, stepping into the world of loans can be overwhelming. There are numerous options available, and each comes with its own set of terms, interest rates, and features. - read more

Finance News

DBS Bank Targets A$20 Billion in Australian Lending Amidst Strengthening Trade Ties
DBS Bank Targets A$20 Billion in Australian Lending Amidst Strengthening Trade Ties
27 Sep 2025: Paige Estritori
DBS Bank, Singapore's largest lender, has announced ambitious plans to double its Australian lending book from A$11 billion to A$20 billion over the next five years. This strategic expansion aims to capitalize on the growing trade relationships between Australia and Southeast Asian nations, including Singapore, Indonesia, Malaysia, and Vietnam. - read more
Japanese Banks SMBC and MUFG Drive Growth in Australian Business Lending
Japanese Banks SMBC and MUFG Drive Growth in Australian Business Lending
27 Sep 2025: Paige Estritori
In a notable shift within Australia's financial sector, Japanese banking giants Sumitomo Mitsui Banking Corporation (SMBC) and Mitsubishi UFJ Financial Group (MUFG) have emerged as key drivers of growth in business lending. As of July 2025, business lending volumes across Australia's top 10 authorized deposit-taking institutions (ADIs) reached A$925 billion, with SMBC and MUFG leading the expansion. - read more
Commonwealth Bank's Profit Boosted by Business Lending Growth
Commonwealth Bank's Profit Boosted by Business Lending Growth
26 Sep 2025: Paige Estritori
Commonwealth Bank of Australia (CBA) has reported a 6% increase in its quarterly profit, reaching $2.6 billion. This growth is primarily attributed to a substantial surge in business lending, with the bank's business loan portfolio expanding by 9.1% over the three months ending in March. This marks the highest rate of business loan growth since May 2023. - read more
RBA Highlights Growth of Private Credit in Business Lending
RBA Highlights Growth of Private Credit in Business Lending
26 Sep 2025: Paige Estritori
The Reserve Bank of Australia (RBA) has reported that private credit now constitutes 11% of all business lending in the country. This marks a significant shift towards non-bank financing, as businesses seek alternative funding sources amid evolving economic conditions. - read more
RBA's Latest Rate Cut Expected to Boost Property Market
RBA's Latest Rate Cut Expected to Boost Property Market
26 Sep 2025: Paige Estritori
The Reserve Bank of Australia (RBA) has implemented its third rate cut for 2025, a move anticipated to invigorate the property market. This decision comes as the average new loan size reaches record highs, reflecting increased borrowing capacity among Australians. - read more

Need Help Finding a Loan?
Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!
Loan Amount:
Postcode:
All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Private Mortgage Insurance (PMI):
A type of insurance that a borrower might be required to purchase as a condition of a conventional mortgage loan, if the down payment is less than 20% of the property value.


Quick Links: | Personal And Business Loans Australia | Business Loan Options | Personal Loans Australia | Leasing Finance Solutions | Finance Brokers Australia | Unsecured Business Loans | Vehicle And Equipment Finance | Compare Finance Quotes | Quick Loan Approval | Low Interest Loans | Flexible Loan Terms