DVC & credit reporting

[jkovick]

We financed our 225 points with no payment due until June 05. We will be paying it off entirely before that date, but it got me thinking---- How does DVC show on a persons credit report? As a mortgage, installment loan, or does it report at all? Thanks!

 

[mom2alix]

It has never shown up on our credit report at all, so I don't think they report to the credit agencies. HTH!

 

[pumpkinboy]

Doesn't show up on ours either!
Apparently, it's a freebee.

 

[DisneyDVClover]

In Canada it shows up as an inquiry nothing more.

 

[Ducky4Disney]

DVC will check your credit to approve you for a loan, but the loan will not show up on your credit report and will not show up on your debt to credit ratio. So if you buy a house or car they will not see your $xx,xxx DVC loan. As Martha would say, "It's a good thing"

D4D

 

[goofyforlife]

Yes, it's a very good thing.....

We just bought a house this past year and our income was tight to qualify...

If DVC had shown up..we would have blown it...

 

[EeyoreJMH]

This is interesting, since DH and I will be applying for our first mortgage next week.

I would prefer to not have to list the DVC loan if it is not necessary. DH had some unemployment issues in the past few years, which I think will hurt us enough. However, our credit scores aren't bad, so we're somewhat hopeful, even though we only have a 10% downpayment.

But, in good faith should we report the loan?

Thanks!

 

[SAKPEG99OKW]

had our DVC loan for 5 years so far. Never ever shown up on credit report. Have bot and sold thee houses in those 5 years, never declared DVC under liabilities, and have never been questioned about it. Good luck

 

[Cruelladeville]

I have owned since 1997, and DVC has never shown up on our credit report. I do know from a family member that a late payment will show up, but if you have automatic withdrawl, it doesn't even look like you own. Don't be too honest on reporting--don't forget that DVC is also an asset, too, so if something happens, this could return to bite you. If you will soon have kids in college, you know what I mean!

 

[Rence]

We were told that it would not show up on a credit report unless we paid late, went into default etc. So if you pay on time, it won't appear.

 

[gppnj]

This was great information. Thanks.

 

[EeyoreJMH]

Thanks for the comments! We both ordered our FICO scores from all three companies last week, and noticed that DVC didn't show up anywhere, which is why I was curious. Being a first-time homebuyer, I was a little intimidated by the very long mortgage application we were given to fill out. Glad to hear from folks who have already gone through the process.

Now to cross fingers and hope all goes well Thursday morning.