Credit Score

[WelovMickey!]

What does your credit score need to be above to be able to finance DVC?

Thank you,
Ingrid

 

[Malaguti Ball Clan]

What does your credit score need to be above to be able to finance DVC?

Thank you,
Ingrid[/QUOTE It does not require a very high score, the easiest way to find out is to call or email a guide, they will give an answer very fast. I was worried because I had some issues in the past, but qualified with disney, I think the only requirement is a heartbeat and a job

 

[jlewisinsyr]

Last I heard was...
Preferred is 740+
Standard is 650 - 739

Anything below that, is a tough bet.

 

[WelovMickey!]

Thanks

 

[YourEveryDayAdam]

Last I heard was...
Preferred is 740+
Standard is 650 - 739

Anything below that, is a tough bet.

Not true. My score is below 650, and I was approved for Standard just a few days ago.

 

[WelovMickey!]

Not true. My score is below 650, and I was approved for Standard just a few days ago.

That makes me feel better

 

[mecllap]

Never mind.

 

[Nikisha421]

Ummmmmm -- it's a totally luxury purchase and maybe someone who has credit score questions would need to carefully consider whether or not it is a good time to purchase for them. Besides the possible long-term commitment for the upfront cost, there's the annual maintenance fee and all the attendant costs of travelling to actually use the points. Not questioning the motive of the OP for asking, but just trying to throw a sensitive caution out there for other readers.

ummm i dont think we have to be sooooo judgemental...for all we know it was just a question...and credit scores don't mean a thing as far as creditors, in american, are concerned.

 

[WelovMickey!]

Deleted my post because mecllap sounds sincere about not judging.
Thank- you mecllap

 

[mecllap]

Well, I just came back to remove my post, but guess it won't come out of the quotes -- sorry -- wasn't trying to comment on the OP, just put out a caution for other readers. (I've read a lot of posts in other places from people who regretted getting into timesharing. Didn't mean to come off as judgmental certainly).

 

[Malaguti Ball Clan]

Our deciding factor was the fact that our kids are getting older, it need to be now. Is this the best time no, do we have the extra money to cover 180 points, not really, still have some work to do this year finishing up or inground saltwater pool, oh yeah one other minor factor for us, we are both ending our military careers this spring, a couple of weeks before we go "home" for the first time. Don't have jobs lined up yet, but will have them before we go, (maybe Disney needs me...) but anyway, the only way for us to get in now was with the 10% down, and monthly payments and maintanence fees at 300 a month. Thought long and had about it for almost two weeks, fit it in the budget and did it. If not now when? When my kids are way to old, grandkids will be fun, but they are years away ...nope, the answer was now,We needed it, and the country needed it. Economic Stimulas ala Malaguti

 

[Malaguti Ball Clan]

That makes me feel better

I will see your 650 and lower you a bad 70...yikes...but it worked, my problem has always been with the little things, store cards 20 here 50 there, oops I forgot, where did that bill go??? we have the money but often either forgot or went out to eat....eventally all were paid, but it brough us down big time. But fortunatly we have no major purhcases in the future, hell my sequoia cost more than my DVC 180pt, feels like a car payment to me, but one I will get to drive for 45 years...

 

[Sandisw]

I know that many people, when deciding on whether or not to finance, have different opinions about how to deal with a luxary purchase such as DVC.

I think that what is most important is that people understand all that is associated with buying DVC--tickets, passes, MF, interest if financing, airfare, car rental, food, etc.. Once someone understands all that needs to be factored in, then they can make an informed decision about whether the costs are something they are comfortable with.

Credit scores can be low for so many reasons and one tough situation in someones life can send a score tumbling. Getting it back takes a lot of time and sometimes the best way to do that is to re-establish credit and demonstrate success in handling that credit.

 

[acourtwdw]

My cousin toured a couple of years ago and asked that same question. The guide said as long as they hadn't filed for bankruptcy, they would be able to finance it.

 

[jlewisinsyr]

Not true. My score is below 650, and I was approved for Standard just a few days ago.

I didn't say it was impossible, just a tough bet. Often people with lower scores are offered different options like higher downpayments.

Another interesting thing is most guides won't even discuss preferred financing until after a credit check because of the higher standards now.

My cousin toured a couple of years ago and asked that same question. The guide said as long as they hadn't filed for bankruptcy, they would be able to finance it.

This was definately a couple of years ago, Disney has definately tightened their standards and are not being as generous, considering before the financial meltdown, some were seeing preferred financing with high 600 scores.

 

[WelovMickey!]

OK so since we are all just being honest here...I have a credit score around 530 (this does not reflect what type of person I am) my mom has OK credit and I think my husband does too. Should I add my name to the contract or leave it out? I don't want to mess it up for everyone just because of my poor score. What do you think? My mother and I are going to split payments.

 

[Sandisw]

OK so since we are all just being honest here...I have a credit score around 530 (this does not reflect what type of person I am) my mom has OK credit and I think my husband does too. Should I add my name to the contract or leave it out? I don't want to mess it up for everyone just because of my poor score. What do you think? My mother and I are going to split payments.

Personally, in this situation, if everyone is going on the "mortgage", I would think that they will use whatever score would get you qualified.

The only difference it will make is the rate. I would ask your guide if all the owners have to be part of the financing. Maybe you could be one of the owners but the mortgage is based just on your mom and husband--if that would qualify you for a better rate, it might be worth asking.

But I truly think that if you have people as owners who have the scores needed, it will go through!

Good luck--here is pixie dust coming your way!!!!

 

[Moeluv4u7]

The "score Disney uses may also not be the same as the "score" everyone is believeing theirs to be... Depends on which bureau you have looked at, is it a merged bureau or one specific, also many of the financial institutions are now going to internal scoring- meaning they look at ... equifax but then plug in a variety of other credit risk information in their computers and come up with their own scoring system- You wouldn't know unless you ask them- and if they tell you- BTW, they won't tell you how the "internal scoring system" works...
We have had 700+ beacons through equifax declined credit due to other various factors... We have also had 500 beacons approved... It is very hard nowadays to determine what a bank may be looking for in order to offer credit...
a stable job w/ longevity, a stable residence w/ longevity, 50% or less Debt to income accounting for the new payment to be added, previous history in a similar type loan, time since previous negative reportings, married or single, homeowner or renter, - These, as well as other things, factor in for most banks- Just one attribute over another does not give the "nay" or "yay" but a conglomerate of all of them-

As far as Disney goes, I believe just about anyone can get financing through them as long as you have the income needed to pay and I do believe a BK is one thing that prevents them from extending the finance option- I am not sure if a Discharged BK would be okay or not- that would be a question to ask if that is the situation...
Hope this helps- & by the way- WeLov Mickey, You can have your Guide check both ways on financing- meaning, have him check what would be your option with both of you on the loan versus just your mom- If it goes in her name only, she can add yyou as an associate member (I do not know all aspects of this really, My DH is an associate member on our contract- he can make ressies and such, just not sure what else his "rights" are... It hasn't been an issue with us) Good Luck!

 

[nunzia]

I will see your 650 and lower you a bad 70...yikes...but it worked, my problem has always been with the little things, store cards 20 here 50 there, oops I forgot, where did that bill go??? we have the money but often either forgot or went out to eat....eventally all were paid, but it brough us down big time. But fortunatly we have no major purhcases in the future, hell my sequoia cost more than my DVC 180pt, feels like a car payment to me, but one I will get to drive for 45 years...

LOL..that's how I look at it. My little Focus cost us 8K less than a year ago (is that the trannie I feel slipping?? I'm sure the dealer won't find a thing wrong with it until the warranty runs out this year). My total payments on my VGC will be less than the car pymt (5K down) and although we are at the garnadparents stage we still hope to use it for many years. I always thought that vacations were important..we struggled greatly when the kids were little..and you know what? They don't remember that we drove a station wagon with the fake wood peeling off the sides, and they don't remember that we really didn't eat meat very often at all (there's a family joke about my oldest..when arriving at a family barbeque, yelled MEAT!! when he saw the grill), but they DO remember all the great family trips in that station wagon (and later beat up Suburban) driving to DLR, WDW and all points in between..Memories last, stuff fades.

 

[famsen]

Our credit score stinks and will probably stink for a long time.
Remember, credit issues can stay on your report for at least 7 years.
We have some old items still on our report, mostly medical issues that we disputed from when my husband was out of work due to an injury in 2003.
We are current on everything now but that old stuff affects our score even though we put statements regarding the reasons for the negative information in our credit report.

We both work good jobs now and can afford DVC. As I see it, we were taking a trip to WDW almost every year anyway, so we are just pre-paying for our trips.

The other thing that affects credit scores is your ratio of debt to credit available. I just read that credit card companies are lowering credit card limits on many people, even those that are in good standing. That means if you had a $1,000 limit and you were carrying a $250 balance but the credit card company lowered your limit to $500, you now have 50% of your credit availability used; that counts against you on your credit score.
Credit scores in the country are a joke and unfair and someone needs to revamp the system.
All this being said, I have not regretted our decision to become DVC memebrs.