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How to avoid Credit Score damage
from gambling
transactions |
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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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