Does Gamstop Affect your Credit Rating?
How does Gamstop Affect your Credit Rating and does Gamstop Affect your Credit Score
Does Gamstop Affect your Credit Score?
The direct and simple answer to this question is that Gamstop does not affect your credit rating. Many people who have joined a self help tools such as Gamstop, Gamban or Gamcare are worried afterwards that this might affect their credit score. People wonder if gambling self exclusion affects your credit rating, however they should have no concerns as your credit rating is simply scored from debt and previous credit history.
However, if you have got yourself into debt through borrowing money to gamble on online bookies, for example using credit cards, loans etc that you can no longer pay back, then this will affect your credit rating. However, joining Gamstop alone will simply have no affect on any credit rating score.
What is your credit rating?
Your credit rating is simply a mathematical score produced on the outcomes of your borrowing, bills, overdrafts, loans and any financial direct debits you may have or previously had. This score is calculated by lenders such as banks to determine if you are allowed to borrow funds and if so, how much funds you may be allowed to lend. Furthermore, you credit score can reflect interest rated applied to any funds borrowed.
The main reason people borrow money is either for a mortgage or loans etc. If you have have had a good history of repaying direct debits, loans, mortgage payments on time then your credit rating will be good.
However, if you are in an overdraft or have failed to repay any credit cards, loans or fell behind on any direct debits then your credit score may be low. If your credit rating is low you may find it more difficult to borrow funds from any lender in the future.
Why is your credit rating important?
If you are seeking to borrow money from a bank for a mortgage or a car loan for example, then your credit rating will determine if you can borrow those funds. Furthermore, your credit rating score can be very important if you want to invest in any business. For example start up costs for a small business will be required and will usually either come from personal savings or you will need good credit rating to get a loan.
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Frequently Asked Questions on Gambling self exclusion and Credit Rating
Does Gamstop change your Credit Rating?
No. The most common question when asked about signing up to Gamstop is ‘does Gamstop change your credit rating’. If you need to sign up to Gamstop, slots or Gamban, do not worry if Gamstop affects your credit score is it has no affect what so ever. People always wonder does Gamstop affect credit score but there is no evidence that is does.
Does Gamcare Affect your Credit Rating Score
Firstly, Gamcare is a different self exclusion tool that Gamstop, however does Gamcare affect your credit rating? No, Gamcare will not affect your credit score as it implies the same principles as Gamstop.
Does Gamban Affect your Credit Rating Score?
Wondering does Gamban affect your credit rating score? Then no it does not. Gamban once again is a gambling self exclusion tool to stop your from gambling and going into debt. Once again people may be concerned does Gamban affect your credit rating Gamban will never have any impact on any your credit score.