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Pros and Cons of Credit Line, Front Money or Cash

Discussion in 'General Vegas Talk' started by shifter, Mar 15, 2016.

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What's your preference(s) for your bankroll?

  1. Credit Line

    19 vote(s)
    32.8%
  2. Front Money

    6 vote(s)
    10.3%
  3. Cash

    40 vote(s)
    69.0%
Multiple votes are allowed.
  1. shifter

    shifter
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    even though this topic has been beaten to death elsewhere, it hasn't yet been discussed here. so I think we should have one thread - just one - dedicated to the pros and cons of each depending on your bankroll and preferred gambling style.

    personally, I stick with credit lines. I have a small selection of casinos that I frequent and I have a credit line setup at each. it works great for me because it's convenient and I don't like to hop around much. I stick with these few casinos at all times and the line is always ready whenever I want to go there. I don't have to worry about wiring front money or dealing with any cash whatsoever.

    Credit Line
    Pros:
    Convenient - always available once setup
    Easy to setup with a simple form
    Easy to draw markers at the table to play
    Pay off in 7-30 days = free loan
    Can give you clout with a host for events based on the size
    You can have your host put it a hold on it to keep you from gambling the rest of the trip if you make a win and want to ensure you don't give it back
    Cons:
    Have to setup separately at each casino, during bank hours only
    Can't easily jump to a new place one night just because your friends decide to go there
    Can get in over your head with multiple lines across town if you don't have discipline
    Best For:
    Medium to Large bankrolls >10k
    People who stick with one or a small number of casinos

    Front Money
    Pros:
    Keeps you on budget because you can't lose more than you brought
    Easy to draw markers at the table to play
    Can give you clout with a host for events based on the size
    Cons:
    Have to wire money each time you go
    Some places limit how much cash you can get to take elsewhere
    Best For:
    Varying size of bankrolls >5k
    People who stick with one casino the entire trip
    People who don't want to put themselves at risk with credit

    Cash
    Pros:
    Keeps you on budget because you can't lose more than you brought
    You can use it anywhere you want
    Cons:
    Have to carry around cash, which if you're talking about a good amount of money is impractical
    Have to deal with CTR reporting requirements in or out over 10k per day
    Have to deal with cross-border reporting requirements if you live in another country or travel to a casino in another country.
    Have to keep your bankroll in a safe or continue to deposit and withdraw from the bank, which again puts you in CTR land
    Without a predetermined CL/FM a host is hard-pressed to do much for you without previous trip history
    Best For:
    Smaller bankrolls <10k
    People who like to hop around from casino to casino at a moment's notice

    so what's your preference and why?
     
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  2. Ms.Blackjax

    Ms.Blackjax
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    I prefer front money but it can be a hassle wiring the money over. I don't like the fact I have to declare what the money is used for in the wire, I always get funny looks but oh well.
    For me it's my way of putting a limit on each trip. It also makes me stay loyal for the most part to one casino for the majority of my stay.
    My amount I wire varies from $50,000-$200,000 each time. I also like to know that if I'm out of my front money I'm not spending more money then I want to lose. For me the idea of having credit that large at several casinos scares me, and is the number one reason why I haven't done it.
     
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  3. VEGASBJ

    VEGASBJ
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    I usually bring around 10k cash in case we do casino hop, and the rest credit line for the reasons stated above
     
  4. Broncofn

    Broncofn
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    I have close/around $1M scattered in LOC's around the city and ususally bring around $30k cash with me for spending etc.

    I know I can get hurt and some ppl told me to shut a few lines down to places I do not frequent.

    I like the LOC because if I need a TTO I can get it if need be. With front money, I cant do that. And its basically cash since its interest free as you said but has to be repaid.

    To answer your question, i prefer LOC's and cash. Ive never done FM.
     
  5. newmans

    newmans
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    Since I travel cross border to Vegas, I don't do cash and I don't want to declare and complete paperwork every time I fly back and forth. And..when I fly back to Canada, it is the Canadian equivalent of $10000, so currently, about $7500 US.

    I have credit lines at the 3 properties I play at the most. I do bring some cash incase someone drags me to a property where I don't have a CL.
     
  6. RockyBalboa

    RockyBalboa
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    I take cash as my normal trip roll is $7-10k. I don't find that too worrisome to carry comfortably. I'll put it in the safe as soon as I arrive and will keep $500-2k on my when out of the room.

    However I've been thinking of setting up a LOC at V/P. My only worry is I've heard that LOCs can be frowned upon when getting a mortgage. I don't want any hiccups when I decide to buy/build my home. Can some of you guys shed some light on this for me?

    Because one of the banks I use has branches in Vegas if I did need to go make a withdrawal then I'd just can it over.
     
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  7. shifter

    shifter
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    No mortgage will ever know about your casino LOCs.

    They only show on Central Credit reports and they don't pull those.
     
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  8. RockyBalboa

    RockyBalboa
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    Oh cool - that's good news. I'll stop into the host office this weekend and see about it.

    So central credit is different than my normal credit report? The criteria to set one up is basically my average bank balance?

    Like when we set up terms accounts for my customers we run a D&B (don't think we run a personal credit check) and then a bank reference to which the response will range from "low four figure" up to "seven figures or more".
     
  9. shifter

    shifter
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    There's lots of companies in the world that keep financial information.

    Central keeps casino credit info.

    Banks only check Experian, Equifax and Transunion for personal credit like a mortgage.

    Business credit is totally different.

    FYI there's lots of other consumer credit reporting agencies that have your info that you don't know about because they're rarely used. Yes, it should scare you.
     
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  10. RockyBalboa

    RockyBalboa
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    Wow - I didn't know there were more than The Big Three. That is a little unnerving for sure.

    I keep a separate "fun activities and shit I want to buy but don't really need" account and that's where the Vegas and other gambling money is kept. Totally separate from my normal cash. I've had that for about two years now so I may need to wait or list my normal accounts too in case the one "Vegas" account doesn't have sufficient age behind it.
     

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