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How to avoid Credit Score damage
from gambling transactions

Gambling can be one of the most fun activities people can do in their free time. However, it is always important to consider the fact that it is quite draining on the wallet if you’re constantly unlucky of course. But there are millions of people worldwide that can control their gambling activities and have a specific budget outlined for that.

Unfortunately, banks don’t understand that there are more people involved in gambling that have good self-control, compared to addicts. Thanks to this missunderstanding, banks have very serious guidelines on how they rate a person’s Credit Score, and unfortunately gambling activities don’t go too well with increasing it.

How gambling affects your Credit Score

Credit Score is basically points that a single person has in the eyes of a bank. These points are then used to determine whether or not the bank should risk loaning this person some money. If the score is high enough, then the loan will be approved, if not, then it will be declined.

There are numerous things that affect the score, such as unemployment, lack of collateral assets, previous defaults or untimely payments, and gambling activity as well. Every person that has made a transaction on-to a gambling platform from their bank or credit card, will have some points taken away from the Credit Score. The banks usually don’t disclose this information unless asked about. According to experts at play casino online, the only way to avoid these complications is to avoid bank transfers at all costs, which means opting for unconventional payment methods such as PayPal, Skrill and etc.

How to avoid the damage

As already mentioned above, the most recommended platforms to make payments on the gambling platform you’re playing on is to use intermediaries or independent payment providers. Skrill and PayPal are a great way to start this process, as the transaction history is relatively private.

For example, once you transfer funds to your Skrill account, the bank loses all data and foresight where those funds will go, therefore they can’t really justify deducting Credit Score based on just assumptions. However, some banks have indeed noticed that most Skrill transfers are used for “shady” payments, which has indeed given it some collateral damage capabilities. If you want to utilize Skrill to its full potential, make sure that the bank you’re making the transfer from does not include it in its “black list”.

The ultimate method
The best way to avoid any unnecessary damage to your Credit Score because of gambling is to utilize cryptocurrencies. Most online gambling providers have started featuring crypto payments, be it through already popular ones, or a mandatory exchange to the local currency. In most cases you’d find options where the operators require a transfer of Bitcoin, Ethereum or other popular coins, and then an exchange of those coins to local ones.

The funds you transfer to a crypto exchange are considered as normal financial trading activities, therefore they carry no threats to the Credit Score. Once you’ve converted those initial funds into cryptos, there is no way in this world that they can be tracked, therefore ensuring safety.

Furthermore, depositing and withdrawing via cryptocurrencies is much faster and carries fewer fees, making it one of the best options to top-up your account.
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