1 The use of old mascara can lead to bacterial infection in the eye. 2  Expired lipsticks can cause swelling, itching and allergies in the lips. 3  The use of expired eye shadows leads to eye infections. 4  At times an eye condition called the red eye can occur due to the use of old cosmetics.xperts believe that older the makeup, easier for the germs to get into it which may cause skin or eye infections. Letâs understand the possible side effects of using expired cosmetics. 1  The use of expired cosmetics may cause skin rashes, irritation and reddening.