spread betting and credit rating

Bazn

hey everyone

i am thinking of opening a spread betting account at sportingindex.com

however, the application process includes a credit check.

I consider myself to be very responsible with money and i'm pretty sure i'll be able to keep any payments on my accounts up to date (ideally i wont have to make payments cos i'll win hehehe! but i know this is not realistic and i'll have to pay up if i lose)

So this in itself shouldnt affect my credit rating, which is very good at the moment.

However, if it goes into my credit report that i have a spreadbetting account, will this be frowned upon by lenders in future credit applications?

i'd appreciate any help - u guys seem to be very knowledgeable judging by the contents of this site

Bazn

sorry did i post in the right forum?

jonesMUFCforever

Spreadbetting (or any other kind of betting) is just a line of credit just like an overdraft or credit card. Stay within your limits and make any payments due on time and it should not make any difference to your credit rating.
On a personal point can I just ask one thing - have you ever seen a poor bookie??
I think you get my drift - you may win short time but you have to be one in a million to make money consisently. The bookies always win in the end.
There we are end of lecture.
Good luck.

pthompson

Bazn wrote:

if it goes into my credit report that i have a spreadbetting account, will this be frowned upon by lenders in future credit applications?

Hi Bazn,

I've had spread-betting accounts with various organisations over the last 3 years, and although their searches do appear on my file, I've not had any problems getting credit cards, etc (and I do a lot of CC tarting!).

I did have the same concerns as you, but have concluded that it doesn't matter that they're gambling accounts as opposed to any other accounts with credit facilities.

- Paul.

Bazn

thanks guys

ur right about the risk of losing money... however the way i see it is that i will take only small risks and so make small profits. If i lose, the loss will also be small and i will consider it an expense of the hobby.

PLus the other thing is the free bonus intro offers. I'll see how it goes... if i turn out to be a poor spread better then i'l stop doing it after the intro offer.

dunno if i'm gonna do it right away tho. need some time to read up on all the stuff. hopefully the offer will still be on later in the year.

jonesMUFCforever

Bazn wrote:

thanks guys

ur right about the risk of losing money... however the way i see it is that i will take only small risks and so make small profits. If i lose, the loss will also be small and i will consider it an expense of the hobby.

PLus the other thing is the free bonus intro offers. I'll see how it goes... if i turn out to be a poor spread better then i'l stop doing it after the intro offer.

dunno if i'm gonna do it right away tho. need some time to read up on all the stuff. hopefully the offer will still be on later in the year.

This is why they lure you in the first place! After they 'match' your initial investment (or whatever the incentive is) you are tempted just to have one more bet to try and recover losses or increase your bets to win back your losses.
If you have to read up about what to do - don't do it you will lose.
If at all possible get a site that lets you play for fun (free) until you know the ins and outs of the system back to front.
Only then play with real money.

Did I say I have never seen a poor bookie!