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Line of Credit - need help

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

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  1. shifter

    shifter Degenerate Gambler

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    They do check your personal credit sometimes if central credit doesn't have any info on you. Or just because they feel like it. Just depends.
     
  2. cardfelon

    cardfelon Low-Roller

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    Aria checked my personal credit when I applied for a LOC with them. At that time I did not have any LOC anywhere in Vegas. Since then I have opened LOC at almost every MGM property and the Venetian without my personal credit being checked again. That was almost 2 years ago and the only thing they have done is update my average bank balance when I requested an substantial increase in my LOC.
     
  3. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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    I could be making this up, but I think I recall someone posting on this board last year a picture of casino credit report they ran on him.
     
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  4. shifter

    shifter Degenerate Gambler

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    yes, that's from Central Credit, which is the casino credit bureau. it contains information of all your different lines and payment information. that's what they use because it contains information most pertinent to casinos. if you have good payment history at the size of the line you are requesting they will give you the same line instantly. but if you're not already in that system because it's your first CL, they will usually check your personal credit with one of the 3 major bureaus in order to establish your initial CL.
     
  5. Kickin

    Kickin Flea

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    I opened lines with 3 big MGM casinos earlier this year. They were my first lines anywhere and there was no credit check at all. So it may depend on the size of the line or as shifter said just when they feel like it.
     
  6. Naturaleight

    Naturaleight MIA

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    I am new to this whole credit thing, so I'm just taking a shot in the dark here.

    Could up front comps be better if you give front money instead of opening a line of credit?
     
  7. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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    Thanks! That's exactly what I was trying to think of with my post earlier today :thumbsup:
     
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  8. shifter

    shifter Degenerate Gambler

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    only with rebates on the international program. domestic it makes no difference.
     
  9. shifter

    shifter Degenerate Gambler

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    the OP says he keeps all his money in cash and has low bank account balances. that's the reason right there. if you run your life with cash, you'll also run your gambling with cash.

    the other reason is self control. if you wire front money and don't have a CL, you can't lose more than you have. if you have an established CL they don't check your bank account before every visit. so you can use it even when you don't have the funds to cover it. even if you do have the funds to cover the initial line, you can get them to give you a TTO or perm increase and lose way more than you have. and if you have multiple CLs around the city, you can lose one line and then move to another casino and rinse and repeat until you're in way over your head. it's the same reason people choose to use debit cards only instead of credit cards.
     
  10. RiddickBull

    RiddickBull VIP Whale

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    Thanks for the reply everyone.

    I was thinking about getting a 25k LOC. However, I decided I wanted a 50k LOC. My personal LOC at my local bank is 100k. I probably have about 10k in my bank account. In terms of cash, I have more than 100k available. I don't want to go to the bank to deposit 50k cash or make a cashiers check. I also do not want to carry that much cash to Vegas. I was hoping I could get a 50k LOC at the casino based on my personal LOC from the bank. I might have to bring 50k cash and drop it off at the cashier window.

    If I was to open a LOC at the casino, do I have to renew it every year?
     
  11. shifter

    shifter Degenerate Gambler

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    can you write a check from your personal LOC at your bank? if so, you can just put a "check on board" and draw markers from that. they'll need to approve that similarly to a marker account, but if they can call your bank and verify the 100k credit line, that should be sufficient. at the end of your trip you can either buy back the check if you win or they will deposit the check if you lose it all. if you only lose some, you can write a new check to cover the difference and they'll give you the other check back.
     
  12. cardfelon

    cardfelon Low-Roller

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    You don't have to renew it every year if you use it several times a year. But if you use it once and then don't return for 2 years they might want to update your bank balance. If it has been 6+ months since using it I would suggest you always contact them before coming into town to make sure there are no holds on your CL.
     
  13. RiddickBull

    RiddickBull VIP Whale

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    Thanks. I can write checks with my personal LOC. I will try this.
     
  14. shifter

    shifter Degenerate Gambler

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    just make sure you talk to a host a couple weeks before your trip and arrange everything. they will pre-verify your check so that you can be in action as soon as you get there. otherwise they'll have to call your bank to verify the check and it takes a few hours to get everything done.
     
  15. Kickin

    Kickin Flea

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    I'm sure your banker is going to love hearing from a casino that you're using your entire LOC to secure funds for a gambling spree.


    I'm being sarcastic but depending on your banker he literally might love hearing that :)
     
  16. Watts

    Watts Low-Roller

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    Interesting thread. I'm pretty much the same as the OP. Plenty of cash on hand with lower bank average. I've just stuck to depositing cash as front money when I arrive and do it that way. I've deposited 5-30k so I'm not sure if there's a limit of some sort or a number that starts raising questions.

    To piggyback what was said earlier, I kind of like it better this way as during a trip I lose all my front money I don't have that credit line to keep going and lose more than intended.
     
  17. jdvegas

    jdvegas VIP Whale

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    although it does not appear you want a LOC, a history of bringing in front money will also help with LOC approval. If you brought $25K front money three or four times in a row and have at least a solid checking/savings balance ($10K to $15K?), you could probably get approved for $25K LOC.
     
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