credit check?

[Zoemakes5]

I know this may sound odd, but does DVC do a credit check when purchasing points? We toured (and almost purchased) Fairfield and one of the big draws was that they had automatic financing up to a certain dollar amount. Things in the past affected our credit, but our situation just isn't the same any more and we're interested in a timeshare.
Thanks!

 

[pilferk]

I know this may sound odd, but does DVC do a credit check when purchasing points? We toured (and almost purchased) Fairfield and one of the big draws was that they had automatic financing up to a certain dollar amount. Things in the past affected our credit, but our situation just isn't the same any more and we're interested in a timeshare.
Thanks!

Yes, they check your credit if you're financing through them.

That being said, their minimum credit score for approval is pretty low from what I've heard. You might not get preferred financing (the 10.75% for 10 years) but get standard financing instead (14.25% for 10 years) or you might have to put more $$ down, but you will likely get approved. It's a relatively low risk loan for the lender because "repossession" is simply a matter of recinding points, not taking possession of physical property.

 

[jjk1107]

I know this may sound odd, but does DVC do a credit check when purchasing points? We toured (and almost purchased) Fairfield and one of the big draws was that they had automatic financing up to a certain dollar amount. Things in the past affected our credit, but our situation just isn't the same any more and we're interested in a timeshare.
Thanks!

They do not do a full credit check though, so the guide will not see anything on your credit. They enter your SSN into a system they use that spits out a piece of paper that just says standard or preferred rate. I can tell you that I filed bankruptcy about 4 years ago and I got the preferred rate, so it is not too hard.

 

[sean-1966]

Our guide told us that they pretty much approve everybody. That's why the interest is so high.

 

[Eventer98]

That's reassuring to hear.....we are hoping to get the preferred interest rate and didn't know how they determine who gets what. Thanks for the info!

 

[Dean]

Many timeshare companies do a credit check, usually before or during your tour. Just like many car dealerships check your credit when you go on to the lot and start talking to the salesperson. Legally they have the rigth to do so because going on to a car lot or accepting a timeshare invitation is sonsidered intent to purchase. But most will approve you for almost any credit situation, they're more looking for amunition to convice you to buy rather than to see if you qualify.

 

[dwelty]

Many timeshare companies do a credit check, usually before or during your tour. Just like many car dealerships check your credit when you go on to the lot and start talking to the salesperson. Legally they have the rigth to do so because going on to a car lot or accepting a timeshare invitation is sonsidered intent to purchase. But most will approve you for almost any credit situation, they're more looking for amunition to convice you to buy rather than to see if you qualify.

In California, you actually have to sign something giving them permission to check your credit.

 

[Cruelladeville]

You won't have any trouble getting approved. DD's DH had a bankrupsy in his past, and they approved him, with 30% down instead of the usual 10%.

 

[Eventer98]

You won't have any trouble getting approved. DD's DH had a bankrupsy in his past, and they approved him, with 30% down instead of the usual 10%.

Do you know how long ago his bankruptcy was when he applied?

 

[disneylvrnMS]

My fiance and I purchased in October 2006. Our guide told us that there are basically only two reasons that they will turn someone down for financing. 1) If you are in the process of a bankruptcy that has not yet been discharged or 2) you are currently past due on a mortgage loan.

I did not get the preferred interest rate due to a bankruptcy that my ex helped me into having to file but they did not require more than the 10% down.

 

[Kurby]

we didn't get preferred either - i have no idea why though - there's nothing in our background that would warrant the standard rate instead of preferred.

not being able to find out why bugs the hell out of me.

the only think i can remotely think of is that we just took out a 10k loan - but that has nothing to do with our current credit - we haven't even gotten them paperwork on the loan.

i'm not going to think about it though - in 10 years it will be paid off and we'll be set for vacations til - well - we die LOL can't see us living to 90 and 100 years old

 

[DisneyBride'03]

Thanks for all this info!! Very helpful!

 

[Doctor P]

They DO do a regular credit check--at least in the sense that their inquiry does show up on your credit report with the credit bureaus. At the same time, once you get the loan, they do NOT report the loan to the credit bureaus, unless something has changed.

 

[nana26]

They DO do a regular credit check--at least in the sense that their inquiry does show up on your credit report with the credit bureaus. At the same time, once you get the loan, they do NOT report the loan to the credit bureaus, unless something has changed.

When I talked to my guide about purchasing SSR he entered my Social Security number into his program and told me I was instantly approved for the preferred rate. However, they did also have a credit check done prior to sending me the mortgage paperwork. They used Experian for mine, and Disney sent me a copy of the report, which included my credit score.

 

[hansel1]

I called dvc this morning to purchase BWV. I gave them my S.S.# and he said I was approved for the preferred financing. My Credit score is 686 and when I told him that (before he ran my ss#), he said there would definately be no problem. My credit blemish was being late on a mortgage payment more than 30 days for 4 months in a row during 2003.