Lunch with a banker regarding Credit cards.

[john398]

Question, when you apply for credit at a Casino, do they ever do a hard pull on your credit report? or is it just veryifying balances and items like that?

[Crashem]

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@john398 wrote:

Question, when you apply for credit at a Casino, do they ever do a hard pull on your credit report? or is it just veryifying balances and items like that?

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Yes they pull credit report usually.  I didn't know that recently and did a drunken application for casino credit at like 3 different casinos.  OUCH.  Three HPs.  One from Wynn.  two from some company called Casino Credit or something like that (basically they do credit checks for multiple casinos).  No idea why Casino Credit didn't just use the hard pull they did a few hours earlier.  In any case, I was pissed as no one really made that clear.  I guess I can feel a little better by calling my line of credits with casinos as hidden tradelines.

[cashnocredit]

Yep, Central Credit will HP and note the associated casino they pulled for. Its possible Central Credit (which is also a CRA for casinos) doesn't do additional hard pulls for other casinos if you have a current credit report with them.  I'm reluctant to test it as I don't want THAT inq. on my report. I actually waited until it fell off before apping for new credit last year.

I've never seen a soft from them though even though I've used my CL from time to time the last 2.5 years. I believe Vegas casinos use Central Credit much more because so many are within walking distance and they would want current info about players that are moving between properties.

[john398]

Thanks, I probably won't ever use it since you only have a few days to pay I think, mainly will be at Ceasers properties

[compassion101]

So generally you have 30 days to pay back the marker, and if not what happens? Interest accrues, or do they have some authorization to withdraw from your bank account?

[john398]

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@compassion101 wrote:

So generally you have 30 days to pay back the marker, and if not what happens? Interest accrues, or do they have some authorization to withdraw from your bank account?

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I think they withdraw from your bank and if the money is not available it goes to the district atty for prosecution

[cashnocredit]

Markers are actually negotiable checks. They are printed and filled out for you as needed whenever you take out a marker. They are brought to you on a tablet ready to sign. If you win you are expected to redeem the markers before you leave. You have up to 30 days, depending on the casino's policy to pay the markers at which time they will send you the canceled markers. If you don't pay they will just submit them as checks. Since they are checks they don't carry interest charges. Casinos are one of the reare places you can borrow money at no interest. They more than make up for it.

[LS2982]

How does casino credit work?? Does it report a TL??

[cashnocredit]

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@LS2982 wrote:

How does casino credit work?? Does it report a TL??

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Most casinos report to Central Credit which tracks casino credit and markers real time. They initally pull from EX or other CRA when you app for casino credit but thereafter don't pull. They concentrate on casinos since people can run up a bunch of debt going from one casino to another and maxing out. If you google "Central Credit" you can see what services they offer casinos. TLs do not show up on normal CRAs but do show up on Central Credit. You can call them and get your records because they qualify as a CRA.

Here's an app. 

https://secure02.mgm-mirage.com/marker/default.aspx?CO=160

[LS2982]

So these are hidden TL's? Does it look bad at all to other creditors? (The INQ)?