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Line of Credit - need help

Discussion in 'Casino Gaming' started by RiddickBull, May 20, 2013.

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  1. RiddickBull

    RiddickBull VIP Whale

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    I wanted to take a line of credit next time I go to Vegas (~1 month). I heard the casinos used your average balance from your bank account to determine your LOC. The problem is that my average balance is low since I keep everything cash. I have a personal LOC with my bank. Could I my personal LOC for my Vegas LOC? Or should I just bring the cash and drop it off at the cashier?
     
  2. jdvegas

    jdvegas VIP Whale

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    If you have a history at the casino, that will help too. low checking account balance is a problem - but if you have some other account with a big balance (savings account), you can overcome.
     
  3. shifter

    shifter Degenerate Gambler

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    they're going to look at your bank balances and they won't approve you. you can provide multiple accounts including a money market, savings, business or other type of account besides just a checking account. but if you don't have any account with a high balance, you're stuck using cash.

    but if you keep everything in cash anyway, what do you need a CL for? if you lose, they're going to expect a check or to drop the markers and you have everything in cash. doesn't make any sense for them or for you. either deposit cash at your bank and wire it to the casino ahead of time or bring it with you and put it on deposit at the cage.
     
  4. 44inarow

    44inarow VIP Whale

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    You have to remember that a LOC in Vegas isn't really "credit" in the traditional sense, but it's more like them floating you a check and promising not to cash it right away; it's for the convenience of not having to carry cash to Vegas. If a bank gives you a credit card with a $10k limit, and you charge the full $10k to it, they're not expecting you to pay that back right away; you'll have some minimum payment, and interest will accrue, but they don't care how long you take to pay it back. A Vegas credit line is due very, very quickly (it depends on your history with the casino and the size of the line, but you're talking a couple weeks, give or take) and failure to pay it back is the equivalent of writing a bad check, which is a crime. If you don't keep enough money in your accounts to immediately pay back a LOC, then you really shouldn't take one out.
     
  5. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I was going to make the same suggestion about depositing the cash and doing a wire.
     
  6. Kickin

    Kickin Flea

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    He's talking about opening a credit line against his personal LOC with his bank. Not a hard cash account. I can't imagine they would do that even if you had check writing privileges on the LOC. They'd be extending you markers against a credit line, the main purpose of which is to bridge short-term liquidity needs. If its the only account you can show how can they count on it?

    I have no real idea so I'm not saying for sure. But they would leave themselves vulnerable to so many more scammers if they did allow that.
     
  7. nostresshere

    nostresshere Mr. Anti Debit Card

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    What sort of dollars are you talking about here?
     
  8. sailboat310

    sailboat310 Low-Roller

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    Depending on amount of cash, depositing money up front may get you some promo chips or larger loss rebates.
     
  9. Naturaleight

    Naturaleight High-Roller

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    On all credit applications I've seen for Vegas casinos it says you can only provide checking accounts. This is one of the problems I've encountered as most of my funds are in savings accounts. Based upon what the form said, I did not provide my savings accounts and instead transferred funds which was a headache.
     
  10. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Despite it saying checking accounts only on all the forms, I have always given the casinos a money market account instead and they have never complained
     
  11. Joe

    Joe VIP Whale

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    Same here.
     
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  12. DOUBLE B

    DOUBLE B Tourist

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    Here's what works for a low roller like me. I have a checking account with Wells Fargo who has branches on East Coast & Vegas. In this account I keep $?,???. Its for an emergency situation only and I have never had to use it. I went to my casino and asked for a $3,000 line of credit (which I have never used)....filled out applilcation and was approved within a week. I also gave the casino $3,000 Front Money to be put into my account. Wife and I go to Vegas twice a month from East Coast and I only carry a $100 when traveling. When I get to Vegas I go to my casino and get $1,000 Front Money (or whatever amount I want) and that's what I start with. If/when necessary I can get all/part of the remaining $2,000 Front Money (my money). I have been very fortunate in my gaming to be able to maintain a $3,000 balance and not drop below the initial $3,000 Front Money.

    I like the fact I can travel to Vegas and carry very little money.
    I like that I have a adequate sum for gaming at my disposal in Vegas.
    I like that I have backup money (line of credit) with the casino should I need it.

    No! I do not earn any interest on the $3,000 I have in Front Money with the casino----so what? How much interest do you earn on $3,000? Correct-pennies!

    No! This is not for everyone but it's a perfect fit for me.
     
  13. Kickin

    Kickin Flea

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    What's the purpose of using front money over a LOC? It doesn't make any sense to me.

    Why not just take that cash and throw it into some account, then open a credit line against it?

    You get the same access in the casino, its under your control to a better degree, it would be FDIC insured (front money isn't, I just called and confirmed), and if you wanted to wait a while to pay it back you have the free option.

    So what's the value/incentive to deposit front money versus just opening a LOC? Unless you're in a cash business and trying to keep your money under the radar I suppose.....
     
  14. shifter

    shifter Degenerate Gambler

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    yep, most money market accounts can have check writing privileges and that's all they need. a true savings account probably wouldn't work because checks can't be drawn from it.
     
  15. nostresshere

    nostresshere Mr. Anti Debit Card

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    I know some people can do this. Heck, I have a family member that carries no cash. I just don't get the reason why. I usually have at least $300 in my pocket. When traveling, I like to have a bit more just in case I need it for something. And, I hate the idea of having to go the cage to beg for my money when I want to play.

    Again, I know it works for some....
     
  16. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Yeah, mine doesn't. First time I ste up a LOC with Bellagio, I asked my banker what info they requested when they called him. he said just my current balance and my average balance for the prior six months. They never asked what kind of account. I remember having the same concern as the OP and was relieved they did not ask.
     
  17. vsop

    vsop Low-Roller

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    LOC

    As stated elsewhere, a LOC is just basically a short term-no interest credit line....the amount of the credit line is based on your average (6 months?) checking account balance...you request a credit line amount, depending on the casino it is usually a min. $3,000.....if approved by the casino, when you take out a marker, the document/instrument you are signing is actually a check that the casino will draw from your checking account if you do not "buy back" any markers....as far opening a credit line against your personal line of credit from your bank, that would get tricky...I think the basic issue for the casino would be, could the casino get their money from the account if they tried to deposit that marker/check you signed?
     
  18. Bazzito52

    Bazzito52 Low-Roller

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    "Credit" is really a misnomer. What you are actually applying for is check casing privileges.

    The marker you sign is actually a negotiable check and, after some period of time, the casino can present it to your bank for payment if you don't redeem it with either cash or a counterbalancing check before you leave.
    When you apply for "credit," the casino will contact your bank concerning your checking account balances and activity (at least they did with me), so your LOC might do the trick if you let your bank manager know what you are doing in advance.

    They will not run a credit check on you or check your credit score. They are only concerned with your checking account.

    It is my understanding that, years ago, the markers were actual credit instruments and that you would incur a debt with the casino when you signed one at the tables. However, in a number of cases where customers refused to pay, Nevada courts have consistently held that gambling debts are uncollectable, thus the switch to the cash instruments that you use today. Rather than incur a debt with the casino, you are signing what amounts to a counter check.

    You know what they say: "In times of trouble, Cash is King."
     
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  19. Ezzy711

    Ezzy711 Low-Roller

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    I received a call from the Mirage before my last trip. Although I already had a LOC there, they wanted to "renew" it. It was just a week before my trip and the lady at Mirage said my bank refused to give out information without me on the line (I love my bank!). We did a conference call and after my bank asked me a bunch of security questions they put the Mirage on the line who asked the length I had the account, the average daily balance and if the balance had ever fallen below my LOC amount. All was good so they approved my renewal.

    The scary part is that during this conversation my banker told her that my checking account is linked to my brokerage account and my actual check writing privilidges are like 10 times higher than my checking account balance. Holy crap, I never thought about that. I transfer money between those accounts but didn't really think of it as being able to write a check that big. I'm trying to erase that from my mind before my next trip.

    I'm staying at the Bellagio for the first time in June and filled out their form. I was a bit embarassed when I completed the box where you listed LOC at other casinos......I was afraid I might run out of space. I bring a bankroll for slots but don't like to mix that with my table games money. I use the LOC for BJ and Craps. At the end of the trip I know my win/loss at each.
     
  20. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I thought they did run a credit check of sorts? I know its not the typical transunion or equifax check, but I believe there is (or at least used to be) a service that collects credit info for the casinos and also allows them to check your credit history with other caisnos (e.g., do you have any LOC anywhere else)
     
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