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LOC as Cosmo

Discussion in 'Casino Gaming' started by jf3976, Apr 11, 2015.

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  1. jf3976

    jf3976 High-Roller

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    Obviously not a super high roller like some, haha, but I have a $10k LOC at Caesars. When I set that up, I had lots of cash in the checking account as we were in the middle of moving and making large purchases, so it was a breeze. Since then, excess income goes to the investment account on a regular basis and the average balance on our checking accounts is significantly lower.

    THE ACTUAL QUESTIONS : )
    Will Cosmo (or can they) see my LOC at Caesars is (always has been) in good standing and take that into consideration?
    It appears the form only requests checking accounts, can I show proof of liquid assets as well?

    I'm asking my host the same, and of course, ultimately I will likely just talk to Casino Credit, but I'm curious what other's experience is, as I'm mostly just impatient :ssst:

    I know I can bring that much cash, but I personally prefer not to. I'm planning on a Mother's Day SOLO weekend trip, and don't want to carry too much on me. (Only the best moms treat themselves to a solo trip for Mother's Day - guess I have a pretty great husband to stay with the kids :nworthy:). He's a stay at home dad, I should be letting him take a solo trip! I might even consider a trip report, we'll see...
     
  2. Nittany1

    Nittany1 VIP Whale

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    Last time I opened a new one they told me they look at average balance in your checking account over a period of months.
    I cannot remember how many but it is probably a 30/60/90 kind of thing.

    I probably keep more than I should in mine partially for that reason.
     
  3. Kickin

    Kickin Flea

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    I opened a LOC at Cosmo about 2 weeks ago. I was staying next door at Aria but booked a suite offer from Cosmo for the promo chips and figured I'd probably play for a while. It was fast. They didn't call me to do a bank call or anything. I had the Cosmo suite booked for a Fri-Sat, filled out the app online Wednesday night and by Thurs morning as we were headed to Vegas I got an email it was approved.

    So I assume they checked with something like Central Credit and saw I had other lines in good standing or since it was only 20k they didn't need to go through the bank process with me. In any case, I had barely any history of play at Cosmo and of course they have no sister properties which would have my info. So I was pretty surprised they didn't even bother to call me or my banks.
     
  4. jf3976

    jf3976 High-Roller

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    Thanks for the feedback!
     
  5. Chuck2009x

    Chuck2009x VIP Whale

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    The reason they look at your checking account is that a marker is legally a draft against your checking account; they can present it to your bank for payment if they have to. That's not as easy to do with a brokerage account.

    But casinos will consider other asset accounts when opening or maintaining a line. I've seen LOC applications that have space for that info.
     
  6. shifter

    shifter Degenerate Gambler

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    They check central credit first.

    If you have other comparable lines with losses to match and good payment history they're unlikely to care about bank balances.
     
  7. jf3976

    jf3976 High-Roller

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    I've heard of other casinos looking at other assets, but haven't heard of cosmo considering (or not considering) brokerage accounts. I guess we'll find out - I submitted the app (without).

    My primary issue is I am thinking they are looking for a multiple over the requested marker, like 2x or more. I don't normally carry that much cash in my checking accounts, even though I can pay the marker.
     
  8. BayouBengal

    BayouBengal VIP Whale

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    How long is cosmo's turnaround for approval? My line would be even smaller but I don't like carrying more than a couple hundred on me in cash.
     
  9. shifter

    shifter Degenerate Gambler

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    Like I said history on central credit is way more important than your bank balance.

    They know people don't keep all their money in their checking account.
     
  10. jf3976

    jf3976 High-Roller

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    I'll post when I hear back, based on Kickin's response, hopefully will be quick. :)
     
  11. jf3976

    jf3976 High-Roller

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    Thanks shifter, I missed your response when I posted, either it was same time or my phone didn't update first :) I don't usually end up needing my entire LOC unless it goes poorly, and I've only had it about a year or so. I guess we'll see soon enough!

    I certainly appreciate the feedback, and hope that it helps someone else as well!
     
  12. spicole

    spicole Low-Roller

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    I just applied for a LoC at Cosmo this past week for a trip later in the month. I submitted the application online in the evening, and had an email in my inbox the next morning letting me know I was approved.
     
  13. BayouBengal

    BayouBengal VIP Whale

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    Cool. I keep procrastinating putting in for mine. I should just do it. If it's not approved or too small it doesn't hurt my feelings. I may not even touch it when I go.
     
  14. jf3976

    jf3976 High-Roller

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    Called to confirm they received my application (submitted electronically on Sunday) and my bank hasn't called back yet, so still impatiently waiting ;)
     
  15. jf3976

    jf3976 High-Roller

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    P.S. During the brief conversation I confirmed they use central credit, she said they also run a national credit report and may call other casinos. You can also potentially use another account (i.e. brokerage).

    I am guessing they don't do all these things all the time (and didn't even get the sense they will do all of it for mine), but that is the arsenal they apparently may use.

    I imagine mine is taking a bit longer as I mentioned previously, we don't carry as much cash in our checking accounts and want to check further (or they just haven't gotten info from my back) ;)

    Anyway, for what its worth, that is what I heard from the person I talked to for approximately 1 minute who happened to answer the phone today : )
     
  16. shifter

    shifter Degenerate Gambler

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    yes, they do pull Experian sometimes as well. especially if you're new.

    calling other casinos isn't used too much these days because everything is on Central.

    the truth is building casino credit is not unlike building personal or business credit.

    the more you have and use, the more they'll give you and the easier it is to get it.

    the guy that has history on Central of losing 500k or more and timely payment,

    any casino on the strip is going to instantly give him that same 500k without checking anything out whatsoever.

    but the guy who has never had 10k is going to get a full background check and rectal exam to get his 10k line.
     
  17. jf3976

    jf3976 High-Roller

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    Got an email back this morning - so took 3 days for mine, but at least a few factors to consider regarding timing include: my trip is 3 weeks out, application was submitted on Sunday, and my bank didn't respond for at least a day (that I know of, I didn't check again).
     
  18. BayouBengal

    BayouBengal VIP Whale

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    I applied on Monday and got a response from host on Thursday. All good and set up, just need to go sign the papers when I get in.
     
  19. jf3976

    jf3976 High-Roller

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    Sounds like three days is the current (this week anyway ) average, with a possible exception if you're stay date is near or you have very established LOCs.

    Yes, pretty sweeping generalization here, but gives folks an idea of how long they have to wait ;)
     
  20. mrem3200

    mrem3200 High-Roller

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    That wasn't my experience. I opened my first line last year at Paris for $10k, I had $500 in my checking account and it was approved in less than 24 hours.
     
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