The major banks and building societies are starting to lend more to borrowers with good credit and a hefty deposit. Some banks will examine everything going in and out of your bank account, and those will typically dish out the best interest rates. Other lenders might not be as stringent.

A soft inquiry has no effect on your credit score. So, if you apply for several credit cards close together, you might see a significant drop in your credit scores. A hard inquiry stays on your credit report for two years, but any effect on your credit score fades sooner than that. Unfortunately none of those scores are FICO scores. The Equifax website does sell FICO's but the product you bought uses Equifax's own proprietary 'Equifax Credit Score' and this score is not used by any lenders. As I wrote before Experian has not sold their FICO score in over 3 years to consumers.

The important thing is to get a good mortgage broker. They can do all the relevant checks first before recommending you to a bank. The broker will also assess your gambling for any pitfalls, however.

Can Gambling Affect Credit Score

PROFESSIONAL GAMBLING:

If you’re a professional gambler, lenders will not look favourably on you if you are making your living from slots and sportsbetting. With no tax on UK gambling winnings, gamblers will effectively have no taxable income – and it doesn’t matter how well you’ve hit that jackpot on Mega Moolah.

Lenders don’t see gambling as a sustainable source of income (and even ‘skill’ games like poker are considered gambling). Some unsecure lenders will be more lenient on your information, but the interest rates could be higher.

One tip that professional gamblers use is to have a secondary source of income, like a part-time PAYE job with a contract. Gambling winnings can go towards a deposit while the contract can be used to apply for the mortgage itself.

Does Online Gambling Affect Credit Score

CASUAL GAMBLING:

Even “hobby” gamblers can fall foul of the lenders. One mortgage broker told us:

Does Gambling Affect My Credit Score

“We have had a client turned down by a lender for spending a just a few hundred pounds a month or so on an online bingo website. ”

What Lowers A Credit Score

The key is how regular the gambling is. If you deposit £200-300 a month or more regularly into a casino online, the banks will flag it up.