Credit check i'm just not understanding

[Kurby]

I've read a few people's post now about how they have bad credit (scores in the 600's - we don't do that here in Canada so i dont know if that's bad, pretty bad or really bad) and they get perfered credit interest.

we have nothing on our credit, we have excellent credit as a matter of fact and yet we got standard credit.

i don't understand that - is it because we are Canadian?

has anyone with excellent credit received the standard rate?

 

[granolacruncher11]

we have nothing on our credit

If you truly have nothing in your credit rating then that is a "strike" against you so to speak simply because they have no way of knowing if you have paid credit cards, loans etc. on time.

 

[starbox]

I am guessing that whether you own a home or not and income may be a factor.

 

[Kurby]

i didn't mean we have no credit - i meant we have excellent credit - never missed payments both employeed have a credit card but who doesn't

i talked to my dvc guide a few minutes ago - (got our membership number) and i asked her - she said that occassionally there has been a clich and she would have someone review it for us.

 

[bbangel]

I would think the most likely problem is you didn't show up with the places they normally check credit with. So they assumed you had no credit history. Just a guess though. I wouldn't want to finance through Disney anyway as American interest rates are really bad compared to ours!

 

[Kurby]

ya only problem is we just took out a 10k loan for a new car - we'll have that paid off in 2 years then we'll got new financing for DVC as our guide said we can paid it off early.

 

[bavaria]

if they check credit history, they are checking US credit history. Your history in another country won't have an impact.

For Europeans, for example, they require a larger down payment and don't give preferred credit. There is no way for them to check credit in another country.

That's also why you can't get a US issued credit card, for instance.

 

[DutchsMommy]

There is definately a way to request a credit bureau from Canada. They just need to contact either Trans Union or Equifax - our two main credit reporting agencies. When we lend $$ to customers who have just moved from the States we often request a US credit bureau report to validate past credit history.

Are you sure there is no way for you to get a loan from your Bank? The rates should be much lower than the US rates.

Good luck when speaking to your guide!

 

[NemoMOm]

There is definately a way to request a credit bureau from Canada. They just need to contact either Trans Union or Equifax - our two main credit reporting agencies. When we lend $$ to customers who have just moved from the States we often request a US credit bureau report to validate past credit history.

Are you sure there is no way for you to get a loan from your Bank? The rates should be much lower than the US rates.

Good luck when speaking to your guide!

I hope I'm not misunderstanding, but you are statin that Canada uses TU and E as the main credit bureas?

I only ask because the U.S. does too. I don't know if that helps the OP or not. Perhaps they rate differently and maybe that is where the misunderstanding is? Good Luck

 

[FamilyGuy]

The US credit reporting systems have no bearing on Canadian systems and vice-versa.

Canadians do not even have a SS#.... they use Social Insurance Numbers instead...

I have been in the car business for over 15 years and the last 10 in finance... there are almost no automotive lenders that will go to the trouble of pulling previous credit history (from Canada) on a Canadian National who has recently settled in the US. Only the manufacturere may do it on an rare exception basis to sell an additional new car - otherwise they are viewed as lacking credit even though they may have a strong credit history as a Canadian.

For some reason I don't think that DVC will pull or attempt to pull your Canadian credit history. Of course, I could be wrong.

That said, I would think if you have upper tier credit as a Canadian, you should be able to finance DVC through other channels, or at least re-finance it within relatively short time. A home equity loan or line, or a low rate credit card balance transfer would even work.

Good Luck, and let me be on of the first to say "Welcome Home!"

 

[Kurby]

I would think if you have upper tier credit as a Canadian, you should be able to finance DVC through other channels, or at least re-finance it within relatively short time. A home equity loan or line, or a low rate credit card balance transfer would even work.

This is exactly what we are going to do - we have just taken out a loan for a new car so didn't want to go back to our bank with in a few weeks to ask for more.

once the car loan is paid off in 2 years we'll get another one for DVC and be done with it

plus we'll have the car as a secruity and get an even lower rate then what we have now.

 

[FamilyGuy]

plus we'll have the car as a secruity and get an even lower rate then what we have now.

Good move, you may be able to combine the 2 into one loan in as soon as just 12 months, with a good banking relationship and timely payments for that first year.