DVC on credit report?

[Glorydaz]

I know when Disney finances your purchase, for whatever reason, it does not show as an inquiry on your credit report...however, we are appying for a home equity ( really need to redo the bathroom!) ...does your DVC loan show up on the credit report?

yes, we are paying it off but trying to determine whether or not we need to list it on our application

thanks!

ps/ moderators, sorry if this post is in the wrong place - wasn't sure where to list it. please move if needed.

 

[spruce]

It's never showed up on mine. Reporting or not reporting it, can change your debt to income ratio.........that's up to you.

 

[jim1051]

Never showed up on my reports

 

[Slakk]

I know when Disney finances your purchase, for whatever reason, it does not show as an inquiry on your credit report...however, we are appying for a home equity ( really need to redo the bathroom!) ...does your DVC loan show up on the credit report?

yes, we are paying it off but trying to determine whether or not we need to list it on our application

thanks!

ps/ moderators, sorry if this post is in the wrong place - wasn't sure where to list it. please move if needed.

I am going through a mortgage and DVC is nowhere to be found.

 

[Cyndibear]

We just closed on a home equity loan yesterday and it was not on our credit report.

 

[JaneGapud]

DVD did an inquiry on us (me and my husband). It shows on our credit report. However, I've been told by another DVC member that the loan itself will not show on the credit report if you finance through Disney. I'm a new member and we are still in the process of closing so I can't back this up yet.

 

[TiggerStac]

The inquiry, also, showed up on my credit report. It says DVC...but I'm not sure if it was orlando or another city in florida.

 

[JimC]

Yes, you need to list the loan on a credit application. It will probably show on at least one of the rerporting agencies, but it may not show on all three. But even if it did not show it should be disclosed.

 

[sweetinmaine]

Just as an FYI...If you have a first mortgage and are going for a home equity, you might want to consider rolling your DVC loan into it as you can only claim the interest on 1st and 2nd mortgages..

 

[sagwanamu]

DVC inquiry shows up on the Credit Report but not the finance itself unless you default a payment.

A year or two ago, there were some threads about the same issue. So I called and checked. MS told me that unless loan is in default, it won't show up.

There is no way the creditors can find out if you have the outstand loan with DVC, but it is up to you to disclose on the application or not.

 

[sagwanamu]

Just as an FYI...If you have a first mortgage and are going for a home equity, you might want to consider rolling your DVC loan into it as you can only claim the interest on 1st and 2nd mortgages..

FYI: Interest on the DVC financing is also tax deductible. You will get 1099 (or whatever the form number is) every year. Property tax you pay for the DVC is also tax deductible. You might want to check with your tax advisor.

 

[Glorydaz]

just wanted to give a big thank-you to all of you for your advice....we've decided even though it probably won't show up, we will list the DVC because, well, it seems the right thing to do...

so once again, thanks for the support!

 

[penguin77]

I have spoken with member services regarding this issue. they Inquire to your credit profile (I think experion only) but they do not report to any credit report unless a foreclosure is initiated. Bummer that you do not get the credit for the good pay, but to some company doing a quick check it does not caculate to your dti (sorry debt to income ratio).

 

[Blue&Gold]

....we've decided even though it probably won't show up, we will list the DVC because, well, it seems the right thing to do...

Great decision... Remember also that your points are an asset in your net worth.

 

[gppnj]

Yes, you need to list the loan on a credit application. It will probably show on at least one of the rerporting agencies, but it may not show on all three. But even if it did not show it should be disclosed.

It should be, but there's really no way for the potential lender to learn about it if you don't, right?

 

[4formickey]

do the right thing and don't tell!, but do claim the interest on your taxes!

 

[jncvh]

If interested the credit check showed up on my Canadian credit file but not the loan itself. Unfortuantly mortgage interest isn't tax deductible up here but it is best to open a line of credit to pay off your loan as the exchange rate is at 90 cents on the dollar.