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How credit rating works
Everyone has a credit rating. You might not know what yours is, but believe us, your bank does! Also known as a credit ‘score’, your rating is more or less how risky a bank or other lender perceives you as a customer.
Your credit score is dependent on a lot of things, such as:
- If you’ve taken out any form of loan in the past
- Did you keep up with payments
- Have you ever defaulted on repayments
- How many/what kind of loans you’ve taken out
- Any outstanding debt you have at the moment
Using this information, banks and other lenders access you as a customer in terms of risk. So, if you have a good credit rating, chances are you’ll be offered more credit. As you’ve proved that you’re ‘good for it’.
On the other hand, if you have a bad credit score, you’re less likely to be offered more loans or other credit. As you’re deemed a ‘risky’ customer.
What credit rating is used for
Your credit score has many uses. And UK lenders will look at your credit score before approving any type of loan or credit.
So, here’s a look at the most common types of credit that people apply for.
Mortgages & Loans
Of course, the most common type of credit is a mortgage or loan. If you want to borrow money from a bank, for whatever reason, they’re going to look at your credit rating.
In terms of mortgages, you need to show not only a good credit score. You also need to declare any current outstanding debts. As well as proof of income, including recent bank statements. And these statements need to look good!
It’s great if you’re earning £10,000 a month. But if you’re spending £10,000 a month as well, then the mortgage lender isn’t going to think you’re a reliable customer. And this is where your gambling habits can land you in some hot water.
Even if you’re a person who only gambles with money they can afford to lose, lenders don’t like seeing large or frequent deposits at gambling sites on your bank statements. So this is something to keep in mind when applying for a loan or mortgage.
Other financial obligations
While bank loans and mortgages are big-ticket items when it comes to lending, they’re not the only time your credit rating will be scrutinised. In fact, anything from store credit to instalments on your new sofa will lead back to your credit score. So, if you have a low score, you might find that banks refuse even the smallest of borrowings.
Credit rating and Gamstop exclusion
So, now we come to the question you’re here for: does Gamstop affect your credit rating? Well, the answer is no. Phew!
Gamstop is an NGO, setup to help gamblers self-exclude from real-money sites in the UK. And, not only is it free, but it’s also completely confidential. Meaning that Gamstop will not give out your details to any third parties; including your bank or other lenders.
Keep in mind that Gamstop does not include non-UK casinos registered overseas.
Gamstop has no effect on credit rating
As said, the answer to ‘does Gamstop affect credit rating’ is a resounding no. But, that said, gambling in general can have a negative effect on the way a lender views you as a customer.
This applies especially if your gambling causes you to go into your overdraft. Going into your overdraft continuously can lead to refusals for loans and other types of credit.
What factors do affect your credit score?
By now you know that lenders don’t take too kindly to gambling receipts. But, while things like casino deposits might put off some lenders, they don’t affect your credit score directly. So, what does? Let’s take a look.
Payment history
Having debt isn’t a bad thing. In fact, banks love customers with debt! So how much debt you have doesn’t necessarily have a negative effect on your credit score. But, whether or not you’ve been paying that debt back on time does.
For example, if you have a credit card, then you have to pay back a set amount each month. If you keep up with these payments, and don’t pay late, then your credit rating won’t be affected. But, if you miss a repayment date, you can expect a ‘black mark’ to be put against your name. And the more black marks, the further your score will drop.
Unpaid bills
Another thing lenders don’t like to see is unpaid bills. If you start to get behind on paying your utility bills, like electricity or water, lenders will start to see you as a risky investment. Because, if you can’t keep up with such basic outgoings, how are you going to pay back a loan?
Credit history
In short, your credit history is pretty much just a record of everything you’ve ever borrowed and how good you’ve been at paying it back. If you have a mortgage, car repayments and a student loan, but you’re making your payments every month, then you can say hello to a wonderful credit rating! Even though you have a load of debt.
However, if you have none of those things, but you have a few late credit card payments, then you can kiss goodbye to a decent credit rating. Even though you don’t owe as much as someone with lots of huge debts.
Gambling too much can lead to a bad credit rating
So, while gambling itself doesn’t affect your credit score directly, if you start to rack up some debt as a result of gambling, this can (and will) affect your credit rating quite dramatically.
For example, if you start to gamble with money you don’t have, you could end up with an overdraft or pay-day loan that you start to default on. And, with receipts for real-money sites on your bank statements, it won’t take long for your bank manager and other lenders to figure out what’s going on!
