Add on and credit check...

[Woodcourt]

I found some old threads where if you currently own DVC and want to add on, they will not pull your credit for add on. Is this still correct? We will call and ask but didn’t know if anyone had recent experience.

 

[Drewferin]

I personally would put direct purchases in a Disney Chase credit card which gives you no interest for 6 months. I'm not a fan of financing DVC purchases past that due to interest costs.

 

[BlueRibbon]

Let us know what they say. I would think regardless of whether you're buying or adding on, that's thousands of dollars and they'd be remiss if they didn't perform a credit check.

I bought direct a few weeks ago and did what Drewferin above mentions. Charged it to my Disney Chase Visa spread over 3 months(which Disney will work for you). 6 months no interest!

 

[TexasChick123]

The Chase Freedom is currently offering 15 months of 0% interest. You also get 1.5x rewards. Good luck.

 

[BlueRibbon]

The Chase Freedom is currently offering 15 months of 0% interest. You also get 1.5x rewards. Good luck.

Dang...

 

[TCRAIG]

Seems to me - when we did our first presentation - we were told they never do a credit check on any purchase - neither does your loan show up on any credit checks going forward....but that was long long ago before they even charged a closing fee.

 

[TexasChick123]

Dang...

If it makes you feel any better, I forgot they’re currently offering 3x rewards on the first $20K on the Chase Freedom as the sign up bonus in addition to the 15 months of 0% APR. I got a $150 credit and 1.5x rewards. It shakes out to an additional $150 in rewards now versus what I got just a few weeks earlier. I’m not obsessing about it or anything...

 

[MurphyL]

The first time you purchase direct they pull a credit report to determine your interest rate. Once you have been a member and have had a history of paying dues they don’t pull another credit report. The first contract of mine they pulled a credit report and the following two they have not pulled a credit report. 5 total contracts. 3 direct and 2 resale. No reports to the credit bureau so far.

 

[FFMickey]

I had the same experience as @MurphyL. The interest rates you get is based on the amount of your down payment, not credit score except your initial contract.

 

[Woodcourt]

The first time you purchase direct they pull a credit report to determine your interest rate. Once you have been a member and have had a history of paying dues they don’t pull another credit report. The first contract of mine they pulled a credit report and the following two they have not pulled a credit report. 5 total contracts. 3 direct and 2 resale. No reports to the credit bureau so far.

Ok! Thanks. Good to know.

 

[Jack_Sparrow_NJ]

The first time you purchase they will run a credit check on all parties that will be on the deed/membership. Once you have been a member for more than 12 months direct or resale if you decide to add on direct, they do not need to pull your credit report.
This was per my guide about three weeks ago.

 

[WebmasterPete]

I personally would put direct purchases in a Disney Chase credit card which gives you no interest for 6 months. I'm not a fan of financing DVC purchases past that due to interest costs.

From what I've been told, if you have been a member for at least a year, they will not do a credit check for add-on's, and the financing does not show up on your credit report.

 

[disneynutz]

My understanding is that a few years ago, Disney used an outside company as their lender for DVC and they didn't do credit checks. Now DVC/Disney is the lender and they do a credit check and charge a higher interest rate depending on your score.

Bill

 

[crvetter]

My understanding is that a few years ago, Disney used an outside company as their lender for DVC and they didn't do credit checks. Now DVC/Disney is the lender and they do a credit check and charge a higher interest rate depending on your score.

Bill

That is true (not sure on the credit check part though) and the amount you down pay. The one thing, I think, they do though is if you already own and are adding on, I believe, they give a 1% reduction in rates for the add-on contracts.

 

[PrincessDuck]

We were told that they don't do a credit check if you are buying direct again and are in good standing with previous loans/dues. We were not able to choose another use year or they would run a credit check, per our guide. We were given the 8.99% for putting 20% down. We plan to pay it off much sooner, but this worked for us for now.

 

[striker1064]

If it makes you feel any better, I forgot they’re currently offering 3x rewards on the first $20K on the Chase Freedom as the sign up bonus in addition to the 15 months of 0% APR. I got a $150 credit and 1.5x rewards. It shakes out to an additional $150 in rewards now versus what I got just a few weeks earlier. I’m not obsessing about it or anything...

Note this is the Chase Freedom Unlimited. Pedantic, but the plain Chase Freedom is a different product that does not offer 1.5%/3%.

 

[TexasChick123]

Note this is the Chase Freedom Unlimited. Pedantic, but the plain Chase Freedom is a different product that does not offer 1.5%/3%.

That’s correct. There are 2 different Chase Freedom cards.

As a side note, from what I have read, the other Chase Freedom isn’t as good of a deal for most consumers despite the special extra rewards during whatever period. I can’t remember if it was monthly or quarterly.

 

[Woodcourt]

To answer our own question...spoke with a guide, not ours because he wasn’t in. As long as you are in good standing, you are already pre approved for add on contract. No credit pulled.

 

[jamie3631]

The first time you purchase direct they pull a credit report to determine your interest rate. Once you have been a member and have had a history of paying dues they don’t pull another credit report. The first contract of mine they pulled a credit report and the following two they have not pulled a credit report. 5 total contracts. 3 direct and 2 resale. No reports to the credit bureau so far.

I spoke with my guide this morning, looking at a small add on. She confirmed that if you are member for at least 12 months, regardless if purchased direct or resale only, and are in good standing (dues were paid on time) that they do not pull a credit check. The interest rate is based upon down payment.