Casino credit

I am thinking of using casino credit and not sure about the implications. Does it affect the credit history? can I have credit line in many casinos? I am concerned that my worsen my credit score. Any comments on pros and cons of this issue will be appreciated.

Does it affect the credit history?

No. An entirely separate bureau, called Central Credit, is used. Casino "credit" is really not credit at all, it is check-cashing privilege with usually a 30-day period to cover the checks, which are called "markers".

Can I have credit line in many casinos?

Yes. Just don't open too many too quickly. If you try to open 4 or more lines in 14 days, you will be declined everywhere, and probably result in cancellation of the marker accounts you previously opened.

I am concerned that my worsen my credit score.

It normally will not have any effect on regular credit.

Any comments on pros and cons of this issue will be appreciated.

Below is a link to a previous thread on this subject.

I seemed to find that one thing held common in the previous thread on casino markers. It was more a question of casinos misrepresenting to the average consumer whether a marker is a credit or a check. It is actually a little of both. Every marker states right on it (and not in THAT small of print) that the funds are in your checking account and can be withdrawn upon the time you sign. This should be understood when you sign up for the marker account.

It is much like a bar tab or an IOU. You don't need to have the money ON you, but it is a promise to pay back money. Some people assume thing like: "The casino makes millions, they won't miss my 500 bucks I'm gonna stiff em on". "I spend thousands here, they OWE me a free ride". This line of thinking holds true to your average gambler, but they fail to realize, true, the casino makes a fortune, but they're not about to just give away free money. A casino is still a business after all. Do you think Bill Gates is going to let hundreds of people go out and steal a bunch of Windows programs. Well why not, he makes billions, and overcharges on his products, he OWES me. Just think about it.

Finally, it does come down to common sense, responsibilty, and accountablity. A good portion of gamblers lose these things as soon as they walk through a casino door. The casinos DO need to realize this as an industry standard, but they won't do anything they are not legally obliged to do.

...can put you in jail in almost every state. If the casino credit forms state that you are writing checks, I don't understand why a lawyer would think this should be treated any differently.

a pre-approved Post Dated Check.

I have read all the responses and the old thread too, just wanted to point out something. I agree with Richard in the sense that it is both credit and a check. It is credit in the form of casino cheques (chips). They are issued to you when you sign a marker. The signed marker is now the 'IOU' as Richard stated AND a post dated check. Calling credit 'check cashing privileges' is inaccurate because you can not just sign a $10,000 marker, take the chips or marker to the cage and get the cash. the credit is for GAMING PURPOSES ONLY. you can not cash out your chips if you still owe a marker on the game, although sometimes the casino will let you cash out small amounts for walking cash. soooooo, i guess you could call it a "credit-check-IOU-and I can't leave the property with the cash-instrument."

You are a little off on your statement about "you cannot just get a marker and go straight to the cashier". You CAN and people DO this. This is also one of the reasons why the $10K rule is around now. There is absolutely no way the casino can stop you from getting a marker for whatever amount you choose (up to your limit), making a $5 bet and walking as soon as that bet loses. I have seen it done many times. But I will admit the casino really does not like it. They also don't like the customers who ask for a marker, make a few bets and then pay it off right away. Seems as if pit critters don't like that kind of busy work. They also do not require you to pay off your marker with your chips if you decide to leave the table down a few dollars. They don't like it but they will put up with it. And for lack of a better term it is exactly check cashing priveleges. The marker is a check drawn on your bank. If you do not pay it off in the time allowed, usually 3-4 weeks (they will actually send you a bill), they run the marker thru your bank. Then if you are short funds it can get exciting. It is exactly like writing a bad check. Credit is a great way to get around having to carry large sums of cash around if you don't like doing that. Casino credit will not affect your FICO at all. All central credit cares about is your average balance for the last 6 monthes or so. I have had credit in two casinos for years now and it never has shown up on my FICO (I check this twice a year for other reasons). Credit is a great way to get 30 day interest free loans if you think about it. I have written a check on departure day to cover outstanding markers for several thousand dollars with the cash in my pocket. This is also a way to help with comps as if you don't or can't pay your marker at the table, they think you lost.

you have some valid points, yes you can take a marker play one $5 hand and walk, but as an extreme example, try taking a $100,000 marker and go to the cage and try to cash out the chips. it will not happen. casinos issue you the credit but don't want you to lose the money elsewhere. like i said in smaller amounts, sure they will give you some walking cash. usually the cage calls the pit to find out if the patron has paid their table markers, but if anyone tries to cash out usually less than say $3000, the cage will not call the pit, from my experience.

The pit knows what you lost or won...Putting it in your pocket will not change anything. As a matter of fact they will short the rack to you if they know you are pocketing chips, and they usually know. As for the comps, you don't get comps by losing, this is the most popular belief when it comes to comps. You get comps by an hourly rate that the floorman writes down on his rating card.