vpFREE2 Forums

Carrying Money to a casino

#1

No one has suggested a casino line of credit.

This is what I use and it works great.

Tom N

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On 16 Jan 2003 at 10:04, vpFREE@yahoogroups.com wrote:

Message: 5
   Date: Thu, 16 Jan 2003 01:29:58 EST
   From: chiefvrwc2@aol.com
Subject: Re: Re: Carrying Money to a casino

In a message dated 1/14/2003 5:16:26 PM Eastern Standard Time,
ride3843@ride.ri.net writes:

> Buy a bra. A nice big one. Who will know? Charlie refers to mine as "the
> bank", as in..."Here, baby, put this in the bank..."

Careful. Lots of pickpockets wandering around these casinos.

#2

This might work for the person who plays in that particular property,
but casinos tend to frown when you take their money and play across
the street.

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--- In vpFREE@yahoogroups.com, "TLN" <tomnagy@n...> wrote:

No one has suggested a casino line of credit.

This is what I use and it works great.

Tom N

#3

TLN wrote:

> No one has suggested a casino line of credit.
> This is what I use and it works great.

cmayhem2001 wrote:

This might work for the person who plays in that particular property,
but casinos tend to frown when you take their money and play across
the street.

I'm glad someone raised this point. If you tap a credit line, I've
always assumed that the casino in question wants to see adequate play
to warrant the draw (assuring them that you're not just using them to
get a 7-day float on their money to pay bills, or whatever).

I've been edgy about carrying multiple lines since I believe that most
casinos report line availability to credit bureaus each month. (The
limited lines I have open are.) While these can be explained to any
potential lender, any initial evaluation of credit worthiness will
factor the available lines as additional room to hang yourself and
will adversely affect your credit score accordingly.

(I'll cede to anyone who has evidence/experience to the contrary, and
I'll admit that until you're talking about a sizable aggregate amount
that this is a topic of limited concern.)

- Harry

#4

Actually, you "debt to equity ratio" is what comes into play here. Potential lenders look at your total available credit line, including all credit cards versus your actual debt. The higher the ratio, the better the credit score.

That is why when you payoff a credit card, don't close it. It shows as available credit without a balance.

Naturally, this works against you IF you are carrying a balance either on your casino credit line or high balances on credit cards. But remember it's a ratio.

ADR

[formerly worked in a bank/mortgage lender capacity. Even though I was the Asst.Controller, I worked with credit reports constantly and how they were evaluated.]
So, I'm not just winging it. <G>

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At 02:33 PM 1/17/03, you wrote:

While these can be explained to any
potential lender, any initial evaluation of credit worthiness will
factor the available lines as additional room to hang yourself and
will adversely affect your credit score accordingly.

#5

adr wrote:

Actually, you "debt to equity ratio" is what comes into play here ...

I was off-track on this one. I've reviewed information that surfaced
through a search and found that existence of a credit line isn't a
significant factor in credit scoring. The more relevent factor is the
proportion of available lines in use.

Thus, having an open casino credit line (with no outstanding balance)
isn't a serious concern when it comes to credit scoring and is an
excellent means to avoid travelling with large cash balances, even if
several lines are established.

- Harry

#6

Max Rubin describes how it works in "Comp City." He says the casinos don't care if you have a perfect credit score, pay all your bills on time, etc. All they care is that you have a bank account they can tap for the money if you don't pay them back.
   He also said that Vegas casinos share credit-line information with each other.
   "Comp City" is a great read, even if you don't play at the levels Rubin suggests to get the really good comps. The second edition is out in paperback.
Elaine
adr <adr@basicallycredit.com> wrote:Actually, you "debt to equity ratio" is what comes into play here.
Potential lenders look at your total available credit line, including all
credit cards versus your actual debt. The higher the ratio, the better the
credit score.

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