Line of Credit

So in preperation for my January trip, I filled out and submitted an application for a line of credit at Wynncore. In the app, they ask for checking account info, but no other financial info(savings accounts, money markets, other open credit instruments, etc.) If I asked for a 10k line, but can't show them a cumulative balance of 10k in my checking accounts, will they grant my request, or simply look at the balance in the accounts they asked about, and grant that amount?
I can clearly show them the ability to repay them in their alloted time frame, but they didn't ask questions in the way I could show them. Just curious on others experience with LOC's, as this is my first time applying.

 

They should call your banker. They asked mine what my average balance was and how often it was overdrawn in the past. They should call you if there is a problem approving you and then you can explain your situation if your banker hasn't already.

 

I've wanted to do this same thing - open a 10k line which is what I take for Vegas trips. But I only keep enough in my checking to cover that month's bills of around 5k, everything else goes into savings, brokerage, etc. so I decided not to fill out the application. I'm sure they look at other accounts for big players because I doubt high rollers keep several hundred thousand or millions in a simple checking account, but I figured they probably wouldn't bother with that for just a 10k line so didn't try to pursue it.

 

If this is your first LOC in Vegas they will talk directly to the Banker you gave them contact info to.
Once you have LOC in Vegas they also share info amongst each others casino.

I can't imagine going to Vegas carrying cash, I love using LOC. Some places want paid before you get on
the plane while others send a bill in the mail. Be sure what Wynn wants from you.

 

If you have a personal banker, ask the casino to call him or her directly. That may help. Otherwise, what one casino told me about two years ago when I first opened a line of credit is that they review your primary checking account to find your current balance and average daily balance over the past six months. Then, they will approve you for a line up to one-third of that amount. Now, don;t take that as an absolute rule, because since then I have opened lines of credit more than one-third of my six month running daily average and I have been refused lines that were only a third of that average. So, for what its worth, either pump some cash into that primary account for a few months before you request the line, or get the casino to talk to your banker who can confirm your worth

 

+1 - this is exactly what MGM properties do (Bellagio and MGM) My LOC has been checked one time since they were opened and that was at Bellagio. Host said that is just a random audit thing, that once you are set up you should be good from there on as long as your account has the $ to pay the house.

 

The only time my credit was checked since I first opened lines at a couple MGM properties two years ago was about six months ago when I requested an increase in my line. And last month, my host offered to increase my line without checking my credit. I think once they see a couple solid years of payment history and consistent level of play, you are pretty much in

 

Interesting thread. I was always under the assumption that they strictly use your checking account in determining your LOC. I keep a minimum amount in my checking account and have the bulk of it in CD's and my savings accounts.

I called the boyd group many years ago and they said that they only use your checking account because they are easily able to "extract" the balance of your markers from there (you sign an annual consent form that allows them to go after your checking account).

It has been many years since I opened up my LOC and I noticed once and a while that they might do random checks when you sign your annual consent form.

For others who were able to use a banker or other method other than your checking account, how does the casino guarantee they can go after your other accounts if you fail to pay off your markers?

UKFan is correct, the casinos normally review your average daily balance in your checking account (over 6 months usually) to determine your LOC.


Another alternative that I have done is to open LOC at various casinos, while I was only able to get a certain LOC at one casino, I was allowed a larger LOC at another so I just go to the other casino to take out $$.

 

They defiantly approve loc for higher than one third of your checking acct balance. The reason they only look at your checking acct is the marker you sign is an actual check drawn on your checking account and they can and have withdrawn that amount out of the account within 5 days of leaving Vegas. That happened to a friend of mine after a trip to mirage. My loc states they will send me an invoice and I have 30 days to pay. I don't know why is is different, but I'd rather send them a check then them just cashing in the marker without my involvement

 

I pay my markers off before I leave Vegas. I want that control over when and where. I already lost it so I don't care if it is in my account a couple of more weeks/days

 

My host advised me that anytime her casino (Monte Carlo) receives a LOC application for one of her clients that she has to review them along with the folks in casino credit. Didn't know the hosts also review LOC applications.

 

I didn't know that either. I've always been contacted by someone in casino credit only. My host has never mentioned any loc I've had or applied for. My first loc I applied for I never even had a host. So having a host is not a requirement

 

Yeah...she stated it was just for her current clients that she deals with...anyone can open an LOC with out a host...I just found it funny that she reviews her clients LOC's.

 

My first time I had a loc was at nyny. I didn't bring a check with me or I would have paid them before leaving. They said no problem we will send an invoice. All my other trips I've had the cash to pay them off before leaving. also Has anyone had a casino set up a loc without permission or application? I am told I have one setup at Bellagio and have never stayed there and only played there twice.

 

Never had this happen to me, but do you have one setup at another MGM property where they may have transferred your information over to Bellagio? I would definitely check into this and find out how it happened.

 

BlackJackNut, yes all my other ones are at mlife casinos

 

If you owe a casino money, and your checking account is empty and you refuse to pay, they can try to go after any accounts they know about.

They can't use a marker as an instrument to demand payment immediately from a brokerage account, like they can with a checking account, but it's like any other debt. Any debt holder can go after any account they're aware of if you refuse to pay.

 

but you have to agree that by signing the consent form towards your checking account makes it so much easier for the casino to get their money. yes, if the account is empty they will have to go after your other assets or send it to a collector.

I have nothing against it (using other accounts to pay off markers), actually I would rather they use my savings account to pay off my marker and also to determine my LOC as I probably keep 85% of my money in savings accounts (and cd's). I usually only keep enough in my checking account to pay my monthly bills so I don't have much in checking for them to give me a larger LOC than a few thou.

 

Boy, just reading all the different opinions on here about what does and doesn't happen and what is and isn't required is enough to make my head spin.

Lots of folks talking about stuff they know little to nothing about.

 

But you can't give us an answer either?