Anyone with less than perfect credit been able to buy into DVC?

[IMADSNYLOVR]

This is embarressing but we have some bad credit HISTORY-our income is great but we have a past that is haunting us. Anyone hae input in this area ?

TIA

Sarah

 

[Macnjac87]

We had terrible credit when we bought into DVC 4 years ago (it's getting better little by little, but it takes a long time!) Disney required that we put 30% down and then they financed the rest at the same rate that anyone else got. It is not a big deal and it happens all the time! Go for it.

 

[CarolAnnC]

Since it is easier for Disney to "repossess" your DVC points should you default, you may find they are willing to take a chance on you. As the previous poster stated, they may require a higher down payment up front, but only you can judge if it is right for you. Good luck!!

 

[DSNY FN]

We had some stuff on our credit report that was taken care of but still showing so all they needed is for us to fax them a statemnt noting the item was paid and we had no problems. Now our stuff is all worked out and we don't have to worry about it.

 

[Boo]

One of the benefits to financing through Disney is that your financial obligation with them doesn't show up on your credit report. That way when you go to apply for someother type of loan, or in our case we recently refinanced our mortgage with some cash out- DVC didn't even factor into the equation.

 

[Pa@okw95]

What is your income in relation to your expenses that should be the question you ask yourself. Being a DVC member is an expense with all the trips you will make to WDW. DVC must be very liberal with its loaning situations judging from the incomes of some of the people on this site that have been given in other posts in the past.

 

[DSNY FN]

I agree pa@OKW we have a total household income of about 50K Canadian and we purchased and have no problems with it. We do have a vcery low mortgage and car payments etc so it all helps just look at your debt ratio if it is to high you are going to have a harder time than if you have a few blemishes on your credit report.