Does Matched Betting Affect Credit Score And/Or Mortgage Application?
This is by far one of the most popular questions we get asked. We listened and so have put together this article to answer just that. One of our members who is a Mortgage Advisor has offered his expert tips! 🤓
📈 Credit Score ✔️
Matched betting shouldn’t generally have an impact on your credit score, unless you use a loan.
Loans do impact credit score so make sure you avoid doing this at all costs. Even starting matched betting with the least amount possible is still better than taking out any sort of loan.
The bookmaker will do a credit check on the bookie account holder but these checks are all soft searches. This means that they can only be viewed by you. These soft searches are legally required to be done to check your identity, residency and to make sure you are of legal age to sign up to a bookmaker.🕵️♂️
📋 Mortgage Application 🏡
Regarding mortgages, one of our members, Denis Udot is a mortgage advisor and here is what he has to say on mortgages and matched betting. Check it out here and many comments from our members 💬 Facebook Thread
The main key points that Denis mentions are the following :
Lenders use common sense
For example, if the amount spent on gambling monthly is higher than your salary this may be a problem. However, the next thing they would look at is the amount of winnings received. This is important in case of matched betting as you will have regular withdrawals coming in. It is then your mortgage broker's job to contact the bank to explain the nature of these gambling transactions.
Using matched betting winnings as your deposit
Some lenders won't touch it and others will. If you are applying directly to a bank, explain the source of the funds straight away. If using a broker, it will be their job to contact different lenders to find out. But..
⚠️Do not hide or disguise the source of the deposit as this will raise suspicions and likely lead to a decline of your application.
It may be that you've been putting winnings away to a savings account over a long period of time, this will be easier to justify to a lender as they can see you've been saving regularly rather than spending the money on more matched betting.
Keep everything separate
This means a separate bank account for matched betting from your personal or savings accounts. This way your bank statement won’t have bookies accounts all over it if you ever need to use it for anything personal.
This is important if a mortgage broker or your bank wants to see your statement for your matched betting account, they can see that you have been responsible to not use your cash for living expenses to spend on betting. It shows diligence and organization which is always a good thing!👍
Most lenders want to see 3 months bank statements for all of your current accounts. If you try to hide your matched betting account the lender will most likely find out about it and ask for the statements, this will make you look bad for hiding the info in the first place.