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Credit ratings explained
If you’re a UK resident with a job and a bank account, then you most likely have a credit rating. And this is what banks and other lenders look at when considering you as a customer.
In fact, if you want to take out any form of credit whatsoever, the lender will look at your credit rating, or ‘score’, first.
Your credit rating can be high (good) or low (bad). And your score is calculated by lots of different factors, including whether or not you have any outstanding loans or other debt. And if you’re keeping up with your repayments.
So, when you go to take out a loan, mortgage or any other credit, lenders look at your credit score to assess whether or not you would be a ‘risky’ customer for them. That’s why they’re so important.
Why credit scores matter
In short, credit scores matter because they affect your ability to take out credit with any lender in the UK. So, if you want to buy a house, car or even open a credit card account, your credit rating will determine whether lenders say yes or no to your application.
So, with that in mind, let’s take a look at the most common types of credit.
Getting a loan/mortgage
It goes without saying, but if you want to get a mortgage, or take out a substantial bank loan, then your credit score will come into play.
Any bank, mortgage company or other lender needs to make sure you’re a good investment, i.e. you’re going to pay them back! So they will scrutinise your credit score before considering your application.
In fact, it’s not just a good credit rating that these lenders look for. Especially in the case of banks and mortgage companies, you’ll have to show your bank statements as well. And these will display your incomings and outgoings.
But, while this might feel a little intrusive, it’s necessary. As the bank needs to see that you’re not spending all your income on things that they deem ‘irresponsible’.
Unfortunately, this is where your gambling habits will be looked at. If you make regular deposits with gambling sites and this makes you go into your overdraft, the lender will see this as frivolous. And you may well be refused your loan or mortgage. This applies to both UK licensed casinos as well as casinos not on Gamstop.
Additional reasons
It’s not just loan and mortgage applications that you run the risk of being turned down for if you have a low credit score.
Other forms of credit, like credit cards, store credit or even a mobile phone contract will be affected by your rating. This is why it’s important to keep your score high. And to avoid going into your overdraft too often.
Gamstop and credit rating
So, now you know that your gambling habits will be under the microscope when it comes to applying for credit with lenders. But, if you’ve joined a self-exclusion program, will that go against your credit score? In short, does Gamstop affect credit rating?
Well, good news! Gamstop does not affect your credit score whatsoever.
Gamstop does not affect your credit score
To reiterate, Gamstop will not affect your credit score. In fact, because Gamstop is voluntary and 100% confidential, lenders will not know that you’re signed up to the program at all.
Plus, Gamstop will never share your information with third parties. Meaning that even your bank won’t be aware of your Gamstop subscription.
Things that do have an effect on your credit rating
So, in answer to the question ‘does Gamstop affect credit rating?’, we’re pleased to say no. But, as we’ve seen, there are plenty of other things that do.
But what exactly are these factors? Let’s take a look.
Unpaid bills
You might consider utility bills to be a form of credit, but the fact is they’re a service that you use now and pay for later. Otherwise known as credit! So things like late payments on your electric, mobile or water bill will all affect your credit score. In fact, the more you default on these payments, the lower your score will get.
Your payment history
It’s a misconception that lenders don’t like people with debt. The fact is, their favourite customers are people with lots of money owed. Because, they’re not looking at the amount of debt you have. What these lenders are looking at is how well you’re paying that money back.
So, you have a mortgage and a credit card, but if you’re keeping up with your monthly repayments, your credit score will remain healthy. However, if you start making late payments, or default, then your credit rating will start to take a tumble.
Your credit history
Another aspect that affects your current credit score is your previous credit history. As said, lenders love customers with debt that they pay back on time. So your credit history is simply a log of everything you’ve ever borrowed. As well as a record of any late payments or defaults. And all of these things together make up your present score.
Irresponsible gambling can lead to bad credit scores
As you can see, it’s not just your current financial status that lenders take into consideration when assessing you as a customer. It’s everything you’ve ever borrowed and how good you are at paying money back. So, your gambling habits can influence your credit score quickly and dramatically, if you’re not careful.
While banks don’t like to see lots of deposits with gambling sites, this in itself won’t affect your credit score. But, if you start dipping into money that isn’t disposable, then you could run into financial problems. And, the moment you start paying bills late, or defaulting on any outstanding loans, then your credit rating will start to take a downward turn.