Does Disney info go on your credit report?

[vbfamily]

I read in another thread that as long as you are current with your payments, the debt that you have with Disney does not go on your credit report-which is really nice if you don't want to look like you have a lot of debt.

Is this true? If we were going to finance for 5 or 10 yrs it would not go on our report? Is this something that Disney does not tell you? This is a major factor in our decision to join or not.

 

[Terry S]

Ours has not shown up on our Credit Report as of yet and we financed for 10 years back in February. From what I had read on these boards, it does not show up on your credit report as an outstanding debt unless you default.

 

[vbfamily]

I can't believe our guide didn't tell us this. We cancelled our contract because we had to buy another car and expand our house and we thought for sure that the Disney debt would overload us (on paper). Our decision had nothing to do with the monthly cost-no problem.

Had he told me when we cancelled-we would not have cancelled-simple as that.

Thanks for the info Terry S...anyone else financed only to never have it show up on your credit report?

 

[Happy Birthday Cat]

VB Family:

As I said on the other thread, that is what I was told a couple of years ago. I have also read it on these Boards numerous times. That is how it got ingrained in my mind. Do a search for credit report on this Board and you will see some of the past responses.

HBC

 

[eva]

I'm pretty sure that it will not show up on your credit report. We bought in 96 and have ordered our credit report a number of times since then and DVC has never shown up on one.

 

[DVC-Don]

We financed through DVD for 1.5 years. We also run our own credit report once a year and the DVC loan never showed up on it. We have since refinanced it with a home equity loan.

 

[Beth]

Never showed up on our's... and I was told by Member Accounting that it wouldn't...

 

[Richyams]

We financed for seven years back in '92, we added on in '93 with another seven year finance, we had the first paid off in like '94 and the second in like '96. We bought two pieces of property during that time and have seen my credit report many times. Disney never showed up....we even had it listed on our first mortgage application as a debt, the bank took it off because it didn't show up on our credit report.

 

[disrailfan]

We purchased in 2000 and we never saw anything hit our credit report. No Inquiry listed and no item on our report. I always get a copy of the report each year that shows all three major Credit Reporting Agencies.

I remember that our guide at the time told us that nothing would show on our credit report.

Later!

 

[Cruelladeville]

We have financed three contracts and two add-ons, and none has ever shown up on our credit report. We have even financed two contracts and one add-on all at the same time--nothing! All were paid off ahead of the 10 year span that we had financed for, and we were only late once, on the first payment of the first contract(how embarrassing!). Once we got automatic withdrawl figured out, we were up and running!

 

[vbfamily]

I REALLY WISH OUR GUIDE WOULD HAVE SAID SOMETHING.

We signed the papers, sent the $, were approved, everything was perfect and then we thought "let's buy a car and refinance our mortgage, etc-we don't want to have Disney on our credit report which would raise our debt to income ratio"

I know all I have to do is call and start all over again but what a hassle.

Sorry-I'm just frustrated.

 

[SheriB]

We just bought in October and refinanced our Mortgage (made settlement today), and it definitely was not on our Credit Report.
I also didn't list it on our application (I forgot, since we applied for our re-fi in November, and our first payment for DVC didn't come out until December 1st). It wouldn't have impacted our income to debt ratio, but I was afraid it might be questioned why such a large debt was not listed on our application.

Sheri

 

[GAIL HAYDEN]

It definitely does not show up on your credit report unless you are in default or late.

 

[BalooCA]

I just closed escrow on a new house. It did not show up as debt on my credit report and I have a 10 yr financing and a add on. I was worried I was going to have to pay it off, but no. No problems.

 

[Maistre Gracey]

Indeed. We just refinanced our home, and NO DVC on credit report.

 

[Bigcat]

Make a payment late or default on the loan...I bet it would show up pretty damn quick then!!!

 

[K&TLoveDisney]

DH and I were also surprised about this. We are in the process of refinancing (to take advantage of the low interest rates) and
when the credit report was run Disney did not show up at all.

We originally bought with a ten year loan (that we are also paying extra on whenever we can) about a year and a half ago and then did an add-on about six months ago. We also have our payments taken through automatic withdrawal.

 

[Doctor P]

DVC does not and has not shown up on our credit report as a debt or satisfied debt, but it definitely showed up when they made the inquiry to check our credit when we purchased.

 

[ducklite]

I worked in the mortgage finance industry for a long time.

I jsut want to point out that if you have the dues or monthly finance payment automatically deducted from your checking or savings account, and don't list it on your loan application you will likely get caught. A good processor and/or underwriter is going to pick up on that and question it. If you have a low LTV and/or DTI, it won't be a problem and a simple "I forgot" letter will generally suffice. But if you have a low down payment or little equity, or are stretching the the debt to income rations to begin with, you'll probably get denied.

Anne

 

[HeatherPage]

Actually we have both deducted from our checking account and have gotten a house, an automobile a couple of consolidation loans and refinanced our house just recently and it's never shown up nor has any underwriter "found" it.