Having a bet on horse racing or other sports should not affect your credit score, though some bad habits you may have gotten into as a gambler may do.
Your credit score is assessed by your ability to pay back any loan you may wish to borrow from a bank or building society and, if your betting habits don’t compromise this in any way, they should have no effect on the lender’s decision.
Can Gambling Stop Me Getting A Personal Loan?
Being a gambler should not stop you from getting a personal loan, but it may do if you gamble irresponsibly. If gambling forces you to use your overdraft, especially an expensive unauthorised overdraft, lenders may view you as more of a risk.
Gamblers in the United Kingdom can no longer use credit cards to deposit funds into a UK-licenced bookmaker but, if you have racked-up gambling debts on credit cards in the past, this may also count against you.
For example, if you’ve taken out one or more credit cards to fund your gambling habit, the lender will consider how much potential credit you have at your disposal. If your credit cards are maxed out, and you’re applying for further credit, the lenders will most likely see you as a high-risk investment.
Banks and building societies are even less likely to take a risk on you if you only pay back the minimum payment on credit cards each month, as this suggests your gambling is leaving you with insufficient funds with which to make the best financial decisions, as credit card debts come with high APRs.
Once you’re in the position where your outgoings are equal to or more than your incomings, the circle of debt is almost impossible to break – and lenders will see your gambling as a potential way of getting into more debt rather than a potential way to get out of that debt.
But if you gamble with money that you can afford to lose, choosing to gamble instead of, for example, going out drinking, smoking, or enjoying an expensive meal, then your gambling shouldn’t affect your ability to get a personal loan.
Can Gambling Stop Me Getting A Mortgage?
Gambling is more likely to affect your chances of getting a mortgage rather than a personal loan. Mortgages tend to be bigger and taken over longer periods than personal loans, so lenders will take much more time considering whether they think you can pay the mortgage back by making regular payments.
The reason that gambling may affect your request for a mortgage is that lenders tend to ask to see your last few bank statements. Lenders then tend to have an interview with you about your spending habits, and gambling losses may make you look a less-than-solid investment.
Tips To Stop Gambling Affecting Your Credit Record
- Gamble responsibly
- Only gamble with money you can afford to lose
- Seek professional help immediately if you think you’re a gambling addict
- Never borrow money to fuel your gambling
- Consider a secondary account solely for the purpose of gambling, ie. don’t use your main bank account for gambling.
Become A Winner
Gambling is much more likely to affect your credit score if you’re a regular loser. But if you’re a regular winner, there is a great chance that gambling won’t affect your credit score.
Here at Betting Gods, we take winning from gambling very seriously. That’s why we only recommend betting on tips from professional tipsters. Yes, you will experience losing periods, but sticking with a proven system is the best way to make long-term profits.
Following the tips of a professional tipster isn’t just about backing regular winners, it’s also about utilising your tipster’s skills in growing a betting bank. That includes using a well-considered staking plan and starting with enough money in your betting bank to accommodate any downturns.
If you’d like more information about our professional tipsters, please check out our tipster page. If you’re looking for more advice about gambling, there are lots more free-to-read articles here on the Betting Gods blog. Happy punting!