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Credit Lines

Discussion in 'Casino Gaming' started by craps1, Aug 2, 2012.

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  1. craps1

    craps1 Low-Roller

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    Curious about the procedures regarding credit lines. Can someone help me understand how long credit lines are good for? How often will a casino review one's checking history and adjust accordingly, if needed? Do these requests need to be filled out per each trip? Say for example, someone requests a credit line with a 3 month average of 30k in the checking account (which appears to be the gauge) and gets approved based on this. In 6 months, the 3 month average has dropped to 10k, for whatever reason. How often will the casino review this type of activity and adjust accordingly?
     
  2. shifter

    shifter Degenerate Gambler

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    the reviews pretty much never happen. they're very loose with credit in Vegas. once you get it approved for a certain amount, you're set as long as you pay. your personal credit score and/or bank balances are only used at the beginning when you have no history. all your lines and payment history at all casinos are reported to central credit. when you have a history, that's what's they use rather than your bank balance or personal credit score.

    also your host has total control over your line. so with a good paying history over a couple of trips, it's easy to get it increased without them even calling your bank again. all they care about is do you pay. additionally, if you want to get a line setup at another casino, you just tell them you have a line for $X at Y casino and they just check with central credit and will set up a comparable line without even calling the bank.

    i guess if you didn't show up for a few years and then came back, they might want to refresh the bank info.

    also, you can pretty much always get a TTO for 50% of your line on any trip. so if you have a 30k line, that means you can always get another 15k if you lose the 30. with really good payment history you can get another 100% of your line. but that can get you into trouble if you don't have the money.
     
  3. thecarve

    thecarve Misanthrope

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    Aria checked my account out last month prior to my trip. I called about a week before the trip to make sure everything was good since I hadn’t touched my line in about 14-15 months. The lady in the credit department told me everything was fine, but I did get a call from my bank that afternoon asking me if they should give Aria my info.

    That was the first time they had ever checked up on me. But, it was also the first time I had gone so long without using the credit.
     
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  4. Ezzy711

    Ezzy711 Low-Roller

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    I have a line no where near yours. I just don't like to travel with too much cash so I always open a line anywhere I go for just a few extra K. My ave daily balance is usually around 8-10K but have always either paid off my line before checkout (with my winnings!) or paid them off promptly. After my first line was used and good at the first casino they take that as the best judge of your credit. I am approved very quickly at a new establishment. A dormant account for over 12 months would have to be verified for their own protection.
     
  5. Boone

    Boone Tourist

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    Bellagio checked mine out of the blue a couple of years ago. It had been so long I actually thought it was a scam, I called my host and he said "luck of the draw"

    Guess they will audit so many no matter what when where and why.

    W
     
  6. Joe

    Joe VIP Whale

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    I haven't gone more than 6 months w/o using my LoC, but about a year ago my bank called and said Boyd wanted account info and would I give then access to it.
     
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  7. shifter

    shifter Degenerate Gambler

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    yes, they do random audits, but the bottom line is after your line is established, your host has control. so even if your balance is running lower than usual when they check, it's not like a computer audit will just drop your line. that information just goes into your file and will be used to help them make decisions, but your host has the final say.
     
  8. craps1

    craps1 Low-Roller

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    Good info. Thanks for the replys.
     
  9. bedaniels

    bedaniels Low-Roller

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    Ok just to clarify, I have an approved LoC at Monte Carlo that I have been playing off of for the last year over about 3 trips. Everything is paid up and current, i always pay everything off at the cage before i checkout, therefore i have a credit history of paying off my markers, if needed. My next trip will be at MGM Grand.

    Do I need to set up a line of credit at MGM grand or can they transfer my LoC from MC to MGM?

    Do I need to fill out the application for MGM before I go or can I do it at the cage when I get there?

    How long do I have to pay off markers? I hear some people have 30 days to pay off markers after being billed from the cage, is that true? Or do they turn in the marker to the bank after 30 days?

    Also if I set up a LoC at MGM for this trip do i now have a LoC at both MGM and MC?

    Thanks In advance for your responses, much appreciated
     
  10. JillyFromPhilly

    JillyFromPhilly Tourist

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    From my experience, as long as you pay your markers timely and visit at least once a year, they never check again - I get a call from my broker's assistant [that's the account I use for my LOC's] whenever a casino checks, and other than one place in AC where I showed up & tried to use a line I hadn't drawn on in 2 years, none have ever checked again after the first time or if I've asked for a substantial increase [50% or more].

    This thread is actually relevant to me right now - I haven't used my line at Wynn since May '11 - but since I'm staying at Palazzo on my trip next month, I was actually planning on calling & both checking on its status & having it bumped-up too - so once I get that done I'll post back here as to what they said and did.
     
  11. shifter

    shifter Degenerate Gambler

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    you do need to setup a separate CL for MGM, but you don't need to fill out a separate application. just call up your host or the credit department and ask them to setup a line based on your info at MC. they can do that almost instantly and it requires no info from you.

    accounts can be setup differently, but normally you have 30 days to pay. the bill usually comes about 2 weeks after you leave, but you don't get another 30 days from then, it's 30 days from the date you leave. if they don't receive a check and don't call them at all to let them know what's going on, they will deposit the markers around that time. you can always call around 30 days and let them know the check is on the way. that gives you about another week leeway if you need the extra time.

    yes, you'll have a line at each which is completely independent. you can use both on the same trip if you want, but that's an easy way to get in a big hole if you have a bad trip.
     
  12. JillyFromPhilly

    JillyFromPhilly Tourist

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    On my last trip I was able to have them open a LOC at Bellagio based on my existing LOC at Aria & it was done no problem [and on a Sunday evening no less]. I just had to give them my ID & Mlife card and did not have to fill out an entire new application - they just called over to Aria to get the rest of the info & finish setting it up.

    Yes, It actually opens a second line for the same amount, doesn't just transfer the LOC from one place to the next. You will have two active lines afterwards.

    If you don't settle up before you leave, about 1-2 weeks after you get home you'll get a discreet card that politely reminds you what you owe & that payment is due. I've never personally let a marker go unpaid beyond 2 weeks so I really don't know what happens after 30 days - but anecdotally I've heard they will usually try to collect it from you a few times before going ahead with just depositing a marker or pursuing legal action - but I still wouldn't recommend going past 30 days, it would probably impact your ability to play on credit going forward [LOC reduced or closed altogether].
     
  13. shifter

    shifter Degenerate Gambler

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    if you have an issue paying, you can always call and work something out and it won't really negatively affect you going forward. your lines will be suspended until you pay off the balance, but once it's paid off, you'll be fine. if you just don't contact them at all and they deposit the markers and they bounce, then you will have issues.
     
  14. BLNT

    BLNT High-Roller

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    When mine was set up a few months ago at Aria, I was told that it needed to be repaid in SEVEN DAYS! That did sound like a short time frame - not sure if I should have questioned it, perhaps just asking is all it takes.
     
  15. shifter

    shifter Degenerate Gambler

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    it depends on the size of your line. usually anything under about 20k is 7 days, over is 30 days. but you should have told them you wanted 30 days. you can still call up before your next trip and tell them you want to change your line to 30 day disposition. not sure if they'll do it after the fact, but it's worth the ask.
     
  16. BLNT

    BLNT High-Roller

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    I just wonder if that would generate another "hard inquiry" on my credit report. A couple of months ago I set up a short trip to Beau Rivage (which I later had to cancel). On the same day that it was set up (I had mentioned to this person that I set up a LOC @ Aria) there was a "hard inquiry" from Credit Central.

    An inquiry here and there is not a big deal, but I would not like to have one every time I contact them!
     
  17. shifter

    shifter Degenerate Gambler

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    the Beau is different. they are much tighter with credit and your host has no control over your line. not even the shift manager has control over your line other than the standard 50% TTO. everything is controled by the credit manager, James, who's a real DB. he's a true bean counter and tighter than a gnat's ass. so don't judge anything in Vegas based on what the Beau has done.
     
  18. makikiboy

    makikiboy VIP Whale

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    I think marker repayment depends on the company. For the Boyd group, I usually get the "bill" for the marker about 2 weeks after I return home. I have 30 days to repay that marker off. After 30 days the casino will automatically take it from my checking account. Not sure about large amounts as I don't have a large line of credit (under 4k).

    Boyd group also has you sign a paper every year which will allow them to take money out of your account if you don't pay on time. I can't say for sure as I always pay it off before the 30 days are up. That's probably one of the reasons why they only give you credit up to your average daily balance. That said you can request an increase in your credit limit and it's up to them to approve or deny. I had my line increased at the MSS and fremont (but not at the Cal). They ran a check on my account before allowing the increase.

    I think this paper you sign also allows them to run credit checks on your account if they feel the need. As others have said, if you don't have any activity in over 12 months I think they will automatically run the check on your checking account. They can also run random credit checks to make sure you are in good standing (not a deadbeat, lol).

    While your account is tied together at the Boyd properties you will need to apply for credit (or see a host) at each Boyd casino. Funny because I have double the amount at the MSS and fremont that I have at the Cal, guess the Cal is more strict with credit.

    With the Boyd group it's funny because your credit is all tied together. If you have a $1k credit at the Cal and $2k at the MSS and take out $1k in markers, you won't be able to take out any more at the Cal and at the MSS you can only take out another $1k at most.

    While there is a lot of information provided by other members here you may want to check with your host or the casino to (hopefully) get the exact detailed information about credit. Best to get the "official" policy and get it in writing to ensure that there is no misunderstanding.
     
  19. JillyFromPhilly

    JillyFromPhilly Tourist

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    In 20 years - and having opened LOC's at a total of 9 casinos in that time [4 in AC, 5 in Vegas*- the Desert Inn, Caesars Palace, Wynn, Aria & Palazzo] - I have never had a "hard" credit check [one that showed up on my credit report] done by any of them that I can recall - with the 2 most recent done in Vegas being Aria & Palazzo within the last 12 months, and with both also already having been increased since opening them as well.

    *technically 6 if you count Bellagio, but they just copied over my info from Aria & didn't even call my broker & check my average daily balance
     
  20. Llew

    Llew Low-Roller

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    When I was at the Excalibur for the slot tourney earlier this year, I asked the cage if it was possible to set up a credit account there based on my 10K CL at the Luxor. They told me that I would have to submit a separate application and wait 48 hours. Since the only reason I wanted the CL was to play off $35 in free play locked to Excalibur when I had no cash on my person (as you need enough cash to cover a single spin to use the free play), I didn't inquire further. That free play is still sitting in my account :/

    Also, I applied for a line at the Bellagio for my upcoming trip and they only gave me $5K, as opposed to the 10K at Luxor (and the 10K I asked for...and the 10K that GVR had just approved me for) - and my 3/6 mo. bank account balance (and credit rating) is higher than it was when I applied for the Luxor line. Possibly, they don't want to give you too high of a total MGM credit line at that level.
     
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