@Anonymous wrote:
@cashnocredit wrote:@Anonymous wrote:
...Not prying into your personal business but if you have those assets, your credit should be golden. I am sure all the baddies would PFD and you could certainly take a small percentage of that average balance, say $10,000 and get a secured card.
...
Well I used to have credit. An Amex card and 3 regular CCs with CLs totalling over 50k. But that was back in the 90s. I paid off my mortgage in the 80s and then started making a lot more money. Too much. I lost track of things and would overpay CCs then not even open the bills for months. This worked fine until the card companies started refunding balances rather than letting it ride to the next month. Since I didn't open mail that I didn't recognize assuming the usual junk things went downhill when I opened a bill and found late charges that shouldn't have been there. So I went to using my shiny new debit visa card. No problems. The other accounts lapsed and eventually they just closed with zero balance. Some years later I moved, paid cash (no mortgage) and just drifted merrily along with the debit card. Recently, I had been thinking of investing in real estate so I thought of looking into what exactly is this "credit report" thingy that somehow I should be tracking lest I sell fish to tourists in T shirts. That was quite a revelation. First, I found out the main bank I had been using for the last 20 years wasn't even mentioned on the report. Second I learned I didn't even have a credit score since all my credit accounts except one had aged away. Worse, after I had moved I flaked and didn't close several utility accounts that were unused but accrued. They were CO and sold to CAs. Those did show up. To repair things I opened two secured CCs. One at my main bank for 10k and another at Citi for 25k which was a real deal since it came with an 18mo 4% CD. Nice. So now I have a credit score - for what it's worth and intend to actively buid it up if for no other reason than to get better insurance rates - another thing I had no idea credit reports were used for. So I've saved, made good (and lucky) investments over the years but my "credit" outright sucks.
Seems like you are making a nice comeback. I also am a "cash" person and have only 4 CC's, but have had them all over 18 years. None of my business but did you pay off the CO's?
Yes, most all insurance companies pull credit reports now days.
In a casino, this is pretty much how it would work for you. because of your Credit record, you would be wise to start of with "check cashing" privleges.
When you first apply, they will ask you what kind of 7 day limit you are looking for. That means how much do you wish to cash checks for during any 7 day period.
Lets say you state that you wish a limit of $10,000. Because of the amount what would normally happen (assuming everything comes up clear from central credit and you have a bank rating that could warrant a $10,000 limit) one of two things will happen. If it is during normal banking hours when you first apply, then it should not be a problem. Should take no more then 15 minutes to get it set up. Now if it was after normal banking hours and since it was your first time, plus a not so high Credit score, the casino would probably cash a "courtesy check" for say $2,500 until they could speak to the bank.
After this first time though, then all will be easy, as they have satisfied their criteria of speaking to the bank.
I would then make sure that you do USE your privleges to their limit and get a history of checks clearing for that amount. Unlike a Credit Card, casinos actually encourage full utilization of your limit, as it shows that not only are you a "player" but also have the capacity to cover those amounts.
After a period of time, say maybe 6 months or so of ACTIVE GAMBLING (say perhaps at least 3 trips) then you should ask to be introduced to an Executive Host. Their function is actually to make sure that your trips are the least hassle to you. They can arrange for various comps (depending on your level of play) and that way you are feel to gamble and they will handle the details. Normally at this point you would also be offered marker privleges.
What a marker does is it allows you to access funds on the floor. Say you are playing blackjack and want $5,000. You would inform the floor supervisor , they would fill out the marker, after it is verified you have that privlege. You would sign it and then be given the chips.
One thing about markers is that your play will be watched. It is tradition, when someone quits playing, if they have won more then their markers, they redeem them before leaving. What I mean is, if you have $5,000 in markers and have won $8,000, you would redeem the markers and walk with the $3,000. Casinos frown on people who would walk with the entire $8,000, even if they make it good as in essence you are taking the casinos money on an interest free loan.
When a casino extends credit, it is a courtesy, not a revolving account like Visa or MasterCard. They want you to have easy access to money but also expect it to be handled in a manner that is customary for the business.
Another advantage of marker privleges, is they are good anywhere in the casino. You can leave the table games and go into the Sports Book and the Floor supervisor can handle it for you.
All you need is a supervisor with a "floor limit" sufficent to handle your transaction.
One thing I would tell you and I tell this to everyone. If you are ever in a casino and feel that any employee has been rude, tried to cheat you, etc, IMMEADIATELY go to a floor supervisor and express your concerns. Now I stress, people should not do this frivelously, as everything you do on the casino floor will have a record of it and they will be reviewed, but as a customer you deserve to be treated fairly and honestly.
Enjoy your next trip gaming and I wish you success.
Well, I am familiar with casino marker policies. Back in 2003 I visited the strip with a couple hundred k in cashier checks. I faxed copies in advance to set up a front money account. It still took about an hour to get them approved when I arrived but they set me up in an incredible suite and comped everything. I had a lot of fun and dropped about 30 of it by the time I left. I left the rest there and came back a few months later and played some more. At the end I settled out all the markers and took a check for the rest.
This summer I went back and dropped off a cashier's check for the front money but they couldnt verify it until the next morning. I left a few days later and was about 20k ahead. When I cashed out my chips they inquired about remaining markers but I had had them all returned to me at the tables. That apparently doesn't happen very often so they also returned the cashier's check which I had to go back to the bank to redeem. All in all it would be a lot easier (and would let me spend more time seriously gambling) if I could just write them a check at the end of the stay. I don't want any 30 day marker credit since there is no way in hell I'm gonna gamble with even a significant portion of the money in my account. I gamble for fun, not with the silly notion I'm actually going to make money that way. Of course I have no problem with them calling my bank to verify funds. I've had a clean account there for decades.
As for the COs, There were three of them on my credit report and I'm virtually certain they are legit. Apparently, back when my credit file looked like that of a street person they didn't even bother calling me or writing to my current address so I wasn't really even aware of them. However, once I got secured cards that seemed to have triggered something and so far two of them have contacted me. Even though they are well past the SOL and I could easily send a FOAD letter they are legitimate debts. So if they bother to contact me I pay them. I don't know, silly I suppose, but I really should have closed the utility accounts when I moved so I feel some obligation even if not a strictly legal one. So there is only one remaining unpaid. It is a PITA to get the account particulars from the CRA but if the last one contacts me I'll pay them too.
Well, time has passed and here I am. CCs are now unsecured, baddies gone and FICOs are in the high 700's. Have had a 20k marker LOC for the last 2 years which is just about perfect for my gambling urges. Life is good. But I'm waiting until the Central Credit inq falls off in Nov before any new apps.
@Bluerain wrote:
@cashnocredit wrote:Well, time has passed and here I am. CCs are now unsecured, baddies gone and FICOs are in the high 700's. Have had a 20k marker LOC for the last 2 years which is just about perfect for my gambling urges. Life is good. But I'm waiting until the Central Credit inq falls off in Nov before any new apps.
Congrats cashnocredit...just don't get too crazy with the gambling bug after all your hard work !
Yeah. Good advice Bluerain. I know people that just ramp up their gambling to insane levels. In a way I use it to satisfy my urges to see money move around. I'm just the opposite with my investments. I tend to be careful and kind of long term and that's worked out for me. I have managed to make money investing each year since 2000 that more than offsets my gambling losses. I also gamble a little less now. It's just high priced entertainment but there are many other things that are fun too. Investing isn't fun. It's work and you have to approach it very unemotionally.
@cashnocredit wrote:Well, time has passed and here I am. CCs are now unsecured, baddies gone and FICOs are in the high 700's. Have had a 20k marker LOC for the last 2 years which is just about perfect for my gambling urges. Life is good. But I'm waiting until the Central Credit inq falls off in Nov before any new apps.
Update: I waited then apped and approved for an Amex Plat and Chase Freedom Siggy.
They have been great and I've had no problem using them for some fairly high ticket purchases. I still enjoy gambling and it's a cool way to keep my investing cold and calculated while still having fun. I find gambling is still fun but not as much as it used to be and I don't do it as often and spend less when I do. Oddly, one of the things I most enjoy about gambling is thinking about the casino business model and how they go about optimizing income minus expenses. So when I'm having "fun" I'm fully aware of the price.
Oh, and I refuse to call it "gaming."
@compassion101 wrote:Congrats!
Any advice to a poker player at acquiring a marker at casinos?
I started off just using front money in Vegas. Pre-clear a cashier's check with them. Eventually, I got tired of the extra time that took and applied for casino credit. They ran Central Credit which hard pulled EX. They gave me a 20k line which is pretty much the most I want to burn in a trip.
@compassion101 wrote:
@cashnocredit wrote:
@compassion101 wrote:Congrats!
Any advice to a poker player at acquiring a marker at casinos?
I started off just using front money in Vegas. Pre-clear a cashier's check with them. Eventually, I got tired of the extra time that took and applied for casino credit. They ran Central Credit which hard pulled EX. They gave me a 20k line which is pretty much the most I want to burn in a trip.Any income verification? My EX is 725 and my income is decent but difficult to verify (self-employed). What casinos?
My loc Is at a major CA Indian casino but most casinos use the same process. They pull credit initially though Central Credit. Central Credit is it's own CRA and tracks players from one casino to aanother real time so if you have a CL of 20k, use 15k at one, you can only get 5k at the one across the street. Casino credit is somewhat lax re income verification. However, Central Credit can gather info from your bank. They like to see average balances that are at least as great as your marker line. Markers are the same as checks. They are demand instruments but casinos generally give you up to a month after you leave to pay the makers. After the grace period they send them off to the bank just like checks.