Credit score

[Reginaphalange1]

I’m buying 150 points at Grand Floridian for $31k and am putting 25% down. Financing the rest with a 10 year loan. Anyone know the credit score for a “premium” Apr of 10%? I just paid off my debt, hopefully my 700 credit score will increase a little before I buy august 23rd during the sale window. The preferred rate is like 12.5% Apr. thanks!

 

[pianomanzano]

It might be 750+. Have you looked into lightstream? You can get better rates from them than what Disney charges.

 

[TraderStitch]

If all of your debt is paid off and depending on credit history, amount of open credit, amount of hard inquires, and if there are any negative remarks it could go up quite a bit. Typically reporting is on on the 1st and 15th of the month. (Some banks are slower to report, Wells Fargo takes 45 days after you pay off your card)

Before I bought I asked my guide what the premium rate requirement was and he said that 770-ish was on the cusp as far as he knew. He said that they look at a combination of all three bureaus and average it out... this is apparently an often asked question.

Fast forward, they only do a soft pull so your credit won't take a hit and I did qualify for the best rate with a 776.

 

[Reginaphalange1]

If all of your debt is paid off and depending on credit history, amount of open credit, amount of hard inquires, and if there are any negative remarks it could go up quite a bit. Typically reporting is on on the 1st and 15th of the month. (Some banks are slower to report, Wells Fargo takes 45 days after you pay off your card)

Before I bought I asked my guide what the premium rate requirement was and he said that 770-ish was on the cusp as far as he knew. He said that they look at a combination of all three bureaus and average it out... this is apparently an often asked question.

Fast forward, they only do a soft pull so your credit won't take a hit and I did qualify for the best rate with a 776.

Thank you so much! This is helpful

 

[Reginaphalange1]

It might be 750+. Have you looked into lightstream? You can get better rates from them than what Disney charges.

I dont own a house, just got my first credit card and have no debt, disney’s financing has the lowest apr I have found for a personal loan

 

[Spinster Travel]

It might be 750+. Have you looked into lightstream? You can get better rates from them than what Disney charges.

Agree with @pianomanzano to check out Lightstream. I used them for my resale contract and the rates were MUCH better than Disney. There is no prepayment penalty so you can pay off early if you want to.

 

[pianomanzano]

@Reginaphalange1 you don't need a home for Lightstream. Lightstream offers timeshare loans in the 5-10% range for good/excellent credit.

 

[Reginaphalange1]

Do I need to own a home for disney’s financing? I’m currently renting an apartment

 

[elenex]

You don't need to own a home for Disney financing.

Side question, the wording on the add-on section of the website seems to indicate that you'll qualify for the lowest rate if you have been a member for more than a year, were on time for all prior loan payments, and have paid off prior loans. Members on this board have mentioned there a soft credit check for these types of financing applications. Does the rate still depend on credit if the above criteria are satisfied?

 

[The Jackal]

I thought that DVC does not do a hard check of your credit. Yes if you are already a owner, even if it is resale for over 1 year you’ll get the best rate. Automatic monthly payment also lowers it a tad more.

 

[DonMacGregor]

I thought that DVC does not do a hard check of your credit. Yes if you are already a owner, even if it is resale for over 1 year you’ll get the best rate. Automatic monthly payment also lowers it a tad more.

They only do a hard pull if you're financing your second contract with them within a year.

 

[Stargazer65]

Do I need to own a home for disney’s financing? I’m currently renting an apartment

Nope.

You need to be a living, breathing person, that is about all.

 

[NVDISFamily]

They only do a hard pull if you're financing your second contract with them within a year.

They did a hard pull on our first purchase. I’m guessing it was due to the $ amount. We put about half down but were buying a lot of points……

 

[elenex]

Per the terms, they always do a hard pull on the first purchase, but after 1 year future financing should be at the lowest rate with just a soft pull as long as you made all payments on your prior loan. It doesn't actually say in the terms that it even does a soft pull on direct purchase after 1 year, but some members here have mentioned that they do. I was curious as to why if the terms say you automatically qualify for best rate if you meet the 1 year conditions. My original loan from March 2020 is now paid in full, but planning to do something like you did with the 50% down on VDH when it goes on sale.

 

[Reginaphalange1]

Nope.

You need to be a living, breathing person, that is about all.

Lol this is great news