Will buying a resale effect my credit report?

[stckevin1]

This might be a really silly question but I want to be 100% sure. I am looking to buy a resale deeded week with HVC/Diamond or Marriott. I will be paying in full. I am also in the process of buying a house. So, I don't want anything touching my credit report. Will buying the resale trigger a pull from the developer or show in any way on my credit report?

 

[billymach4]

Simple answer. No.

 

[billymach4]

I say that with confidence since I have purchased resale as within the last year. My credit is monitored. Paid cash. Did not hear a pin drop from credit monitoring.

 

[VacationForever]

Paying for a resale with cash is no different than going to the store to buy a shirt with cash. Nothing gets into your credit history.

 

[davidvel]

Paying for a resale with cash is no different than going to the store to buy a shirt with cash. Nothing gets into your credit history.

Not with all resorts. They don't make sure I am not an LLC and ask for my driver license when I buy a shirt, as many resorts do. But I've never heard of them checking credit, and they would be legally required to disclose if they did.

 

[VacationForever]

Not with all resorts. They don't make sure I am not an LLC and ask for my driver license when I buy a shirt, as many resorts do. But I've never heard of them checking credit, and they would be legally required to disclose if they did.

My point is that there is no credit checking and also nothing will get into the credit history.

 

[lotus921v]

At the same time, you will have to explain to your lender any large amounts of money going in and out of your bank account. When do you close? Can you have someone else front the money for now?

 

[stckevin1]

At the same time, you will have to explain to your lender any large amounts of money going in and out of your bank account. When do you close? Can you have someone else front the money for now?

I am looking at relatively inexpensive resales. I'm not concerned with the transaction amount. Your advice is very good. I have that covered. I just wanted to be sure that nothing hits the credit report such as a pull for a score. I didn't know if there was any weird policies where the developer would pull for credit worthiness with the transfer of ownership.

 

[noreenkate]

I only have resale- and while I don’t know for certain if it had to do with another resale add on contract but have seen notifications that Wyndham has done credit inquires…

 

[billymach4]

I only have resale- and while I don’t know for certain if it had to do with another resale add on contract but have seen notifications that Wyndham has done credit inquires…

Regardless. I now lock my credit at all 3 bureaus. It's easy to do. Wyndham should not be snooping around your credit

 

[easyrider]

This might be a really silly question but I want to be 100% sure. I am looking to buy a resale deeded week with HVC/Diamond or Marriott. I will be paying in full. I am also in the process of buying a house. So, I don't want anything touching my credit report. Will buying the resale trigger a pull from the developer or show in any way on my credit report?

Anything can trigger a review of a home loan application. A new monthly expense like a mf should be reported as an obligation. Even though it likely won't be seen, why would you mess with something as big as your home loan by not waiting for the home loan to go through the entire process before accepting other debt ? A mf is a debt and ongoing obligation.

Bill

 

[stckevin1]

I only have resale- and while I don’t know for certain if it had to do with another resale add on contract but have seen notifications that Wyndham has done credit inquires…

Interesting

 

[stckevin1]

All

Anything can trigger a review of a home loan application. A new monthly expense like a mf should be reported as an obligation. Even though it likely won't be seen, why would you mess with something as big as your home loan by not waiting for the home loan to go through the entire process before accepting other debt ? A mf is a debt and ongoing obligation.

Bill

All great points. Thank you for your feedback. I very well may wait. That’s why I was asking about the credit report to see the need to. It would actually be an annual MF expense, not monthly. A annual MF does not sway my timeline like a credit report ding would.

 

[ScoopKona]

At the same time, you will have to explain to your lender any large amounts of money going in and out of your bank account. When do you close? Can you have someone else front the money for now?

Do large sums routinely flow in and out currently?

I had a stretch of 10 years where I always had a house under contract, in the lending process, or in the process of closing. I lived life as normal, charging what I needed to make life work on my credit card. Never an issue. After closing, I would typically put "supplies to renovate in full" on my card -- fairly large amounts. Appliances, drywall, flooring (always flooring) and similar. And then just lather/rinse/repeat for the next house.

 

[kanerf]

You would only affect your credit rating with a loan for a timeshare purchase.

 

[stckevin1]

Do large sums routinely flow in and out currently?

I had a stretch of 10 years where I always had a house under contract, in the lending process, or in the process of closing. I lived life as normal, charging what I needed to make life work on my credit card. Never an issue. After closing, I would typically put "supplies to renovate in full" on my card -- fairly large amounts. Appliances, drywall, flooring (always flooring) and similar. And then just lather/rinse/repeat for the next house.

Yes. That also sounds like my spending habits.

 

[stckevin1]

You would only affect your credit rating with a loan for a timeshare purchase.

Thank you

 

[stckevin1]

I am only worried about the transaction as it pertains to credit. I am not financing, nor am I creating a abnormality in my current spending patterns. Thank you all who commented. Your words have been very helpful.