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Line of credit

Discussion in 'Comps' started by AceTen, Aug 25, 2013.

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  1. AceTen

    AceTen Low-Roller

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    I'd love to hear a bit more about the benefits of a line of credit (besides not carrying lots of cash with you). I currently travel with cash, but am tempted to apply for credit, so just curious about input from other people.
     
  2. shifter

    shifter Degenerate Gambler

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    it's the same benefit as using a credit card instead of paying cash for everything. it's more convenient and you get a month to pay it off. the downsides are the same as using a credit card. once you've proven yourself paying it off on time for a few trips, you'll find that they become very generous with the size of your line and it's easy to get in over your head if you have a bad trip and keep digging.

    the other option is wiring cash beforehand. that's akin to using a debit card. you still get all the conveniences of a credit card, but you can only use as much as you send, so no risk in getting in over your head. either wiring cash or setting up a CL is the only way to go. there's really just no reason to ever take cash if you're dealing with more than 5-10k.
     
  3. AceTen

    AceTen Low-Roller

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    Thanks Shifter. The only thing I worry with regarding a line of credit, is that I don't keep most of my money in a checking account. My bankroll is in cash, and the rest of my money is in savings or a brokerage account. I worry that if I apply for credit, and they look at my checking account, they won't approve me for much. Thoughts on that?
     
  4. shifter

    shifter Degenerate Gambler

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    you can give multiple accounts for them to look at. they want a checking account as the default account, but if you give them the savings and/or brokerage accounts as well, they'll take that into account. the best idea is to work with your best host for the first line. let him know the situation regarding the savings/brokerage and he'll push it through. once you have the first line, it's very easy to get others.
     
  5. AceTen

    AceTen Low-Roller

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    Thanks again. I emailed my host with the info I mentioned above. I let her know the details regarding my accounts, so we'll see what she says. I'll make sure to post here in case any one else is interested.
     
  6. VegasDave

    VegasDave Addicted

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    Do they care about your line of credit as far as getting you in the door and making you offers? Wondering if there are any benefits as how the casino evaluates your worth?
     
  7. Nittany1

    Nittany1 VIP Whale

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    Ultimately your value and offers are determined by your theo and/or actual loss.
    Opening a substantial line may help you get an upfront comped room or more but you will be evaluated on what you do with it.
     
  8. VegasDave

    VegasDave Addicted

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    Thanks, last year LVS hotel GAF a promo if u open a cl with a 10k limit they gave you $500 fp chips and 2 free nights, I can't find it this year though.
     
  9. Huddler

    Huddler VIP Whale

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    I have a credit line at a couple Vegas casino's. I know that they check your credit report and reach out to your bank to determine average daily balance, etc. to determine the amount of CL you are qualified for. My question is what type of sharing of information do casino's do in regard to the customers credit line? Do they have a "book" or clearinghouse, sort of like they do on card counters, where they can report information good and bad, about how you pay off your markers? For example, I tell them I have a credit line with X casino, will there be a database they can access, other then the 3 credit reporting agencies, that confirms I have a line at X and how I have paid them? Just curious...
     
  10. Joe

    Joe VIP Whale

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    I have a LOC at two casinos, but the host has nothing to do with them. You have to go through cage and casino credit. Usually they can mail or email pdf the required form. This has been my experience, anyway. My brokerage account is listed as my source of credit.
     
    Christmas
  11. Boone

    Boone Tourist

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    Set it up as the maximum of cash you would take - a lot of players mistakenly set it up at a higher level than they are actually willing/wanting to play to try to get up front comps. Your play dictates comps - not credit line.

    Use it as a stop limit.
     
  12. Flyers

    Flyers Tourist

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    As Shifter said, it beats carrying cash. If you give them the accounts with the money in them, ie brokerage accounts, savings, you won't have a problem.
     
  13. 44inarow

    44inarow VIP Whale

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    Yes, and it's called Central Credit.
     
  14. shifter

    shifter Degenerate Gambler

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    I used to think that as well, but at most casinos your host actually controls your line. each host has a limit on what he can do without any approval depending on his level of seniority. mid-level hosts might be able to do 100k, while a higher level might be able to do up to 500k. for the really big lines you always have to go through a VP. if you have a good history with him, he can and will raise your line whenever regardless of what your bank balances say. that's why it can be easy to get in over your head.

    however at some smaller casinos, everything goes through the credit manager and the host has no control. the only one I've been to like that is the Beau.
     
  15. finsfanscott

    finsfanscott Tourist

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    There have been multiple debates as to weather or not getting a credit line generates a "hard pull" on your consumer credit history. I don't think it did, but others strongly disagree.

    I DO agree there is a Central Credit (for casinos) based in Las Vegas that does keep track of your credit lines at various Vegas casinos (and I also think the Atlantis in the Bahamas uses the same service).

    Casino credit lines are individual to each hotel, so if you have a line at MGM, you can't pull from it at Bellagio, but it is easy and fast to get a separate line if you already have a line within the family.

    As for checking with your bank, don't worry, I am in the same situation as you... I keep an average balance of about half my credit line in my checking account, the rest in brokerage/mutual fund accounts. No problems there.

    Have no idea of a host's input into your line, I have always set them up with the "Casino Credit" department of whatever casino I was interested in.

    Hope this helps!
     
  16. Kickin

    Kickin Flea

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    I opened up lines at 4 casinos in Vegas throughout this year and none checked my credit nor is there anything at all listed about them on my credit reports. They just verified the average checking balance and no other due diligence that I could tell (MGM props used 3-month average, I think CET asked for 6-month). They only asked for checking and I didn't press them much on whether they could use other accounts because my lines weren't large, but its good to know your host can arrange for those to be considered as well.
     
  17. shifter

    shifter Degenerate Gambler

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    here's the deal with consumer credit reports. the casinos only use central credit as a one stop shop for everything credit related. it's easier and cheaper for them to use one source. so they never pull your consumer credit directly. however, central credit may or may not pull your consumer credit report when the casino requests your file from them. if they have info already on file for you from previous credit lines, they won't bother. but if you're brand new in their system, there's a good chance they will in order to get your file started.
     
  18. egelston2

    egelston2 Low-Roller

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    It is nice to have. It made my recent trip hassle free. Although, I wish the line would apply to all the casinos in the same family. Last week when I was at MB, a person at our table was waiting for it to 12:01 the next day so he could take more money out of the ATM. He had forgotten to wire money in advance and had arrived that evening and already burned through his daily ATM allotment. I saw him the next day and the money had been wired. He was regretting not having the convenience of a LOC.
     
  19. numeno

    numeno VIP Whale

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    The not linking part to me is an annoyance as well. I'd have more of a reason to get a LOC if I knew I could take it out at any CET property and it be treated as one LOC.

    I understand why they are all separate, it just isn't convenient. I also think I could easily get over my head if I opened up a few. Go on tilt and then realize I can go get another $2k out at Mirage.
     
  20. Nittany1

    Nittany1 VIP Whale

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    Last year at Aria I was almost tapped on my LOC the day before
    I flew home. I requested a 10K increase.
    Credit told me I would have to discuss an increase with my host who was on vacation.
    I talked to another host who said he could do it TTO since he was not my regular host.
     
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