Betfair trading involves making deposits and withdrawal to and from gambling sites. Thus it’s no wonder people wonder ‘does Betfair trading affect my credit rating?’
If you are applying for a loan, car finance, or similar things, you might be rightly concerned that all that trading might hurt your credit rating. Moreover, many people still look at gambling in a negative light. Therefore, it is logical to think that it might have adverse consequences…
Does Betfair Trading Affect Your Credit Rating?
If this question has been bothering you, you’ll be pleased to know; Betfair trading does not affect your credit score!
According to finder.com, one of the UK’s largest consumer comparison sites:
“Your credit report is an assessment of your ability to comfortably pay back a loan. It doesn’t exist to make judgements about how you spend the money you have.”
When you want to take a loan, lenders cannot access information containing your betting. While bookmakers might search mainly for verifying your age or if you are involved in money laundering, other lenders cannot access this information. Hence, it doesn’t affect your credit score.
What About Your Bank Account?
We have seen that Betfair trading will not affect your credit score. However, the transactions you make to and from betting companies will still appear on your bank statements.
So will this not affect your credit score or your ability to obtain a loan?
Usually, having such transactions appear on your bank statement should not affect your ability to borrow money.
However, it’s better to be safe than sorry. You can take the safe course by using a separate bank account for your Betfair trading and matched betting transactions.
Aside from eliminating any problems that such transactions can cause while getting a loan, keeping a separate account for betting transactions will allow you to keep your Betfair trading profits separate from your other expenses and income. It keeps it separate from everyday costs and ensures you have a firmer grip on your finances and help you monitor results.
Most loan companies will need just your recent bank statements to get an idea of your expenses and income.
To be completely safe and sure that your trading will not affect any application, its probably best to avoid discussion around the topic. Whilst we understand it fully, outsiders rarely do.
How to Check Your Credit Rating:
Still worried? To put you at ease, you can check out your credit score online and keep track of it online.
Some popular sites you can check on include:
By using these you can thus get firsthand proof of your current score. You will also see any outstanding debt you might have incurred.
If you are still in doubt, you can always pop into the Betfair trading community and ask them what their experiences are…
To date, we aren’t aware of any issues with negative credit scores from either the community of Caan’s own experiences!
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I managed to get credit quite easily even with hundreds of betting transactions on my statement I think this is just people worrying.