Credit Score

[skatermom]

are you saying that if you had a small contract and then added on thru Disney your finance rate would be lower no matter what your credit???

 

[pickles]

are you saying that if you had a small contract and then added on thru Disney your finance rate would be lower no matter what your credit???

yes..that is my understanding and what happened to me

and when you add on there won't be any closing fees

 

[YourEveryDayAdam]

From what I understand, Disney has some pretty loose credit standards. And they don't have any real reason to be picky. If you don't pay, the just take back your points and resell them to someone else. It doesn't really cost them anything to do any of that. It's a very low risk loan for them.

Once you have proven to Disney that you are a good credit risk, (by being a member in good standing), then they don't really care what your credit score is at that point...so they are willing to give all current members preferred financing. It's also a good way to encourage add-ons.

 

[~Kristina~]

Ah, I'm 6 months out of bk and got approved last week through Disney.

 

[hopare]

I just spoke to our guide this morning. He punched in my SSN and out came the confirmation for preferred rate. A 160 pt contract at Blt would run $219 a month and fees are additional $49. This is with the minimum 10% down. the guides are great, very low pressure!

 

[klofan]

I was a little worried about not being approved. I'm 20, which means not so much credit history. I have a great job and very little credit card debt. I did get standard.

Pete

 

[nunzia]

I don't know what I got..I just know I'm in the works for my DGV add-on (paid cash for our OKW)Wheeee..
anyway, I have pretty good credit again after rebuilding it after the great restaurant fiasco of 2000-2001, but we are re-fi'ing our house and my score went down after signing with son on a couple things acckk..still well over 700, but wonder what rate I got.

 

[thelionqueen]

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.



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.

Our "nanny" financed last week with a credit score of 520. My guide told her the same thing....if you haven't had a bankruptcy, you will likely get financed.
BTW, her low credit score was because she co-signed a mortgage for her dead-beat father, not that I need to clarify, but with some of the judging I've read, wanted to add her little disclaimer

 

[~Kristina~]

6 months out of bankruptcy and got approved last week for 14.5%. I couldn't even get a loan for 2500. 2 weeks ago for my dh's lasik. IMO, they are pretty generous with there standards. Although we weren't late on anything until we filed - maybe that played into?

ETA: That was with a 10% down payment as well.

 

[WelovMickey!]

6 months out of bankruptcy and got approved last week for 14.5%. I couldn't even get a loan for 2500. 2 weeks ago for my dh's lasik. IMO, they are pretty generous with there standards. Although we weren't late on anything until we filed - maybe that played into?

ETA: That was with a 10% down payment as well.

So you decided on DVC? If so,

 

[~Kristina~]

So you decided on DVC? If so,

We're just waiting to see if I'm preggers. If I'm not then we'll more than likely do it. If I am, there is no way we can.

 

[Eventer98]

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.

When I applied I was about 6.5 years out of a bankruptcy. I don't know what my score was at the time but I had not had any issues since....I was even able to get a new car with 2% interest 4 years out. Anyway, I was approved for the preferred rate and have been for my add-ons as well.

 

[rie'smom]

Ah, I'm 6 months out of bk and got approved last week through Disney.

6 months out of bankruptcy and got approved last week for 14.5%. I couldn't even get a loan for 2500. 2 weeks ago for my dh's lasik. IMO, they are pretty generous with there standards. Although we weren't late on anything until we filed - maybe that played into?

ETA: That was with a 10% down payment as well.

I can't even imagine buying DVC so soon after a bankruptcy.
This is not a judgment on you. It's that I would be trying to get my finances straight and would not take on a luxury like DVC. I couldn't sleep at night.

 

[frisco]

I can't even imagine buying DVC so soon after a bankruptcy.
This is not a judgment on you. It's that I would be trying to get my finances straight and would not take on a luxury like DVC. I couldn't sleep at night.

Agreed. I don't get that at all.

 

[redrosesix]

Any Canadians, especially non-Ontario residents, have any experience with DVC financing? Since they're not registered to do business with us here in NS, it might be easier for us to put the deposit on a CC and finance and deal with it when we get home.

BTW, just wanted to let everyone know that it pays to check your Equifax report from time to time. My mother's credit score got completely screwed up from mistakes that Equifax made and changes in CC's, loans, etc. after my father's death eg. CC's that were posted as canceled by bank when they were canceled because my father had passed away (replaced by single applicant cards) -- it took about a year to get everything cleared up and her credit score to be corrected.

Credit scores can also be "off" for any number of reasons eg. less than 3 years at their current address, so I don't think having a poor credit score is necessarily a sign that somebody shouldn't be financing a purchase through DVC.

 

[rie'smom]

BTW, just wanted to let everyone know that it pays to check your Equifax report from time to time. My mother's credit score got completely screwed up from mistakes that Equifax made and changes in CC's, loans, etc. after my father's death eg. CC's that were posted as canceled by bank when they were canceled because my father had passed away (replaced by single applicant cards) -- it took about a year to get everything cleared up and her credit score to be corrected.

Credit scores can also be "off" for any number of reasons eg. less than 3 years at their current address, so I don't think having a poor credit score is necessarily a sign that somebody shouldn't be financing a purchase through DVC.

Absolutely check your scores!!!! We were supposed to buy a house several years ago and 2 days before we signed, there was a tropical storm that flooded the house, so we didn't buy it. However, the credit agencies did not take that mortgage off our report until we had the bank send a letter stating the loan had never been finalized.

 

[SoCalKDG]

Did an add on this past Saturday night for VGC grand first event and they didn't even check our finances, they automatically gave us preferred.

 

[AlexTina]

I can't even imagine buying DVC so soon after a bankruptcy.
This is not a judgment on you. It's that I would be trying to get my finances straight and would not take on a luxury like DVC. I couldn't sleep at night.

I've been biting my tounge on that one, too! 6 months out of bankruptcy and eagerly taking on new debt.

 

[SeedsLuvDisney]

What sort of documentation do they require? My wife is a w-2 employee (makes more than I do), I am self employed/1099...

 

[arthur06]

If you are just getting an add on, would you automatically get the preferred rate?

There was a Vero Resale of 25 points for 1600, 64 per point.

standard - 100 point AKL add on $10,080 financed, $9,360 interest paid

preferred - 100 point AKL add on $10,800 financed, $6,514 interest paid

that would mean, that if the loan went the full term, I would save $2846 in interest. But with the $1600 paid for Vero I would still save over $1200.

Is this in fact, correct. Add on's get preferred financing?