Will Gambling Affect My Credit Rating
After researching the leading credit agency, Experian, I have found out matched betting does not have an impact on your credit score and I show you proof, phew. As part of my digging, I decided to go through my Experian credit report and find out what information gets logged, and who searches through this information. Good Credit Score - 740-780 range depending on the source. Good DTI with no debt other than car loan. All credit cards with zero balance. Last year had $80,000.00 in casino winnings (and $80,000.00 in losses). I was actually shocked the number was that high. Didn't consider myself a problem gambl. Have you checked your credit score and seen checks from bookmakers? Chris answers all your questions about matched betting and your credit score in this shor.
- Will Gambling Affect My Credit Rating Check
- Will Gambling Affect My Credit Rating Credit
- Will Gambling Affect My Credit Ratings
- So as you can see, Matched Betting doesn’t affect credit rating. I’m glad I was able to see proof of this for myself, and if you’re anxious about your credit rating then I definitely think it’s worth taking a look, not just for Matched Betting, but for keeping an eye on your financial situation.
- Tips to Avoid Harming Your Credit Rating Through Gambling. If you are looking to keep clean and ensure you don’t harm your credit rating then following the steps below will generally keep you where you need to be. Never deposit money with a bookmaker using a credit card, this shows you need credit to be able to bet.
Matched betting is increasingly popular and totally legal, but it is still officially a form of gambling. One thought that will cross everyone’s mind when dealing with a bookie is, “Will this eventually damage my credit rating?”
If this is your first time coming learning about matched betting, be sure to check out this matched betting for beginners post.
Matched betting gives the player a special edge: because many online bookmakers offer a free signup bonus in the form of a free bet, a new customer can sign up at the website, place a bet, lay a bet against it on a betting exchange with the free money, and win either way.
Of course, the free offer can only be done once on each website, which means you will find yourself signing up to a lot of different bookies.
I can understand why you would be worried about how that looks on your credit rating.
Let me put your mind at ease. Matched betting does not affect your credit rating.
How To Check Your Credit Rating
If you’re still worried, you can check your credit rating through an agency such as Experian, which offers a 30-day free trial. You can get proof for yourself whether your credit is affected by participating in matched betting.
Will Gambling Affect My Credit Rating Check
But I’ll save you some time and reassure you that it is not affected! There will be no negative reports on your credit because matched betting is totally legal and does not involve credit.
Do Any Bookies Carry Out Credit Checks?
Yes, some bookies will do credit checks on their customers, but this is not out of the ordinary– after all, they are entering into a business transaction with you, and just want to make sure your account remains in good standing with their business.
A spokesman from Experian said in this article from The Guardian:
“It won’t appear on the credit reference radar. You can have as many gaming accounts as you want.”
That’s a pretty conclusive answer. The number of accounts you have with different bookies will not damage your credit score.
Still Worried? Ask Other Matched Bettors
If you are still worried you can always sign up to a community of matched bettors and ask them what their experiences are. The most popular one is Oddsmonkey. With over 250,000 posts in their forum, all from other matched bettors.
Check out my Oddsmonkey review for 2017.
Are There Any Other Risks?
The biggest risk with matched betting is human error or developing an addictive habit and finding yourself straying from the system and not being able to stop when you know you should. If you feel you aren’t in control, contact GamCare for help.
Related
Q: What does your credit score and online compulsive gambling have in common?
A: Both are largely dependent on your ability to borrow money.
Can you gamble away your credit score?
You betcha. Even if you have the financial means to fund your online gambling habit, more times than not, you are using some sort of electronic funding option that is credit score dependent, such as a bank’s credit card. But the long term consequences of a poor credit score are staggering, even if you are not addicted to online gambling. More here on how online gambling can affect your credit rating. And a section for questions about credit and online gambling at the end.
Gambling away your credit score
Like it or not, an individual’s credit score is not an indicator of wealth or financial security, it only indicates whether or not you are good at borrowing money, and paying it back. But the lingering effects of bad credit may last longer and affect more life changing decisions than a compulsive gambling addiction. So who is at risk of ruining credit? And what can you do about online gambling problems? We explore here.
What is credit rating?
Simply put, not paying your credit cards bills on time will drastically lessen your credit score. And once your credit score is damaged, the fix is not simple. The most obvious effect of bad credit is the lost ability to qualify for any type of major purchase, or additional credit including an automobile, rental apartment or a home. Another effect often overlooked, about half of employers are pulling credit information to consider individuals for employment. This includes employer’s in the private sector, public sector and even military. The most shocking part of this scenario, is this is happening to individuals in their 20’s, or even younger.
How gambling affects your credit score
Often compulsive gamblers can open numerous credit card accounts. This action in and of itself will lower your overall credit score. Then, you can get into the cycle of using one credit card to pay off the debts of other credit cards. Generally, each subsequent credit card balance transfer is tied to a higher interest rate, increasing financial burden.
And what’s more is that compulsive gamblers commonly lie, cheat or steal to continue fueling their gambling addiction and feeding the credit cycle. This cycle is not easily broken, and often times ends up in bankruptcy. Additionally, there is typically a lag between the time problem gamblers begin an actual financial meltdown, and the time when credit score actually takes a hit. This lag gives gamblers the opportunity to continue borrowing money and get even deeper in debt.
High risk online gamblers
Why do gamblers gamble? Either for recreation and entertainment, or to avoid and cope with the emotional or psychological stresses of life. But who is particularly at risk of ruining a good credit score?
1. Young online gamblers – Unfortunately, younger gamblers (those ranging from 18 years of age to 25 years of age) almost exclusively use credit cards to fund their online gambling expenditures. Seemingly harmless at first, the act of funding your gambling habits using a credit card can lead to devastating results.
2. Compulsive/Problem gamblers – The danger of credit card funding of gambling is most frightening for those who are either at risk problem gamblers or who exhibit symptoms of compulsive gambling. “Compulsive gambling”, or “pathological gambling”, as psychiatrists label the behavior, is defined as an inability to stop gambling. When you combine an inability to control ones actions, with the immediate access to thousands of dollars, the results are often disastrous.
How to stop online gambling
The best thing for gamblers who are driving down the road of bad credit from a gambling addiction, is to seek help. However, due to the nature of addictive disorders, it may take many years for a gam0lber to realize they have a problem and even longer for individuals to take the proactive steps to take control of their problem. In fact, the point of realization normally occurs when a compulsive gambler can neither fund their gambling nor make payments on the debts owed. But help is out there. Cognitive behavioral therapies can help gamblers manage compulsive thinking in combination with lifestyle changes and support groups. You can also block online gambling sites to self monitor your use. Or you can seek professional help with a counselor who specializes in treatment compulsive gambling.
Will Gambling Affect My Credit Rating Credit
Online gambling and credit questions
Do you have questions about your credit while gambling online? Please ask here. We try to answer all legitimate questions with a personal and prompt response.