DVC credit question

[JourneyGirl]

This might sound terrible, but I'm curious if DVC runs a credit report. Most other resorts (non Disney) they don't care how your credit is--they just want to make the sale. The reason I ask is because I was in a near fatal car accident and was not able to work for over a year. Unfortunately we had to file for bankruptcy--not something I'm proud of. Things are better for us now, but I was wondering if I would be denied buying into DVC because my credit isn't the best. At least they know I can't file for bankruptcy for 7-10 years so I would definitely make sure the payments were made.

Thanks in Advance

Mary

 

[DVC-Don]

They will run a check if you plan on using their financing. I've never heard of them turning anyone down, but they may ask for a larger down payment.

 

[JourneyGirl]

Thank you. I want to buy 200 points and plan to put 5k to 7k down.

Mary

 

[gppnj]

They do check your credit report. However, a bankruptcy on your record won't necessarily mean that you're disqualified. I think the most important things as far as Disney is concerned are your salary and your other debts so that Disney can determine whether or not you can comfortably make the payments. You'll be putting quite a bit down, which helps, so as long as your monthly DVC payment isn't an excessively high portion of your income, I think you'll be fine.

By the way, health problems are the root cause of the vast majority of bankruptcies in this country. You're certainly not alone. I hope that this difficult time is behind you.

 

[JourneyGirl]

By the way, health problems are the root cause of the vast majority of bankruptcies in this country. You're certainly not alone. I hope that this difficult time is behind you.

And you never think that it will happen to you. I lost control of my sportscar (I'm 44, not a teenager) rolled it 3 times, and was ejected out the back window. 95% of those kind of accidents are fatal--I have no idea why I was spared. I receive a disability retirement from the government as I was civil service with the DOD.

If anything good came out of it, maybe I can go to WDW more often

Mary

 

[Rence]

When we applied, my partner had a bankruptcy from about 7 years ago. We had already decided to put 20% down. We had no problem getting approved.

Based on my readings over the years, I have heard of several folks asked to go up to 20% down, some to 30% down and a rare few to 40% down. I do believe that I have heard of one or two people who were turned down, but it seemed that their circumstances were extreme.

It is a secured loan. They are going to be most interested in your debt ratio to see if you actually have the funds to make the payments. If you have a bankruptcy and are not up to your neck in debt, you may get turned down. However, if you have a bankrupty, some good credit since then and are not buried in debt, I would think you'd get approved.

Disney is well protected. If you don't pay, they take the points back and sell them to somebody else.

 

[JourneyGirl]

Thanks for you response. Our bankruptcy is less than a year old and I think that if your partner filed 7 years ago then he/she would have been in a more positive light. But I can be honest, put down 30%-40% and the worst they can do is say no.

Mary

 

[Princesswoodymom]

We just closed on our 200 point contract and I was a little nervouse because of some poor credit and asked our rep the question she said the worse she has seen in asking for more down. We put 5000 down and then they gave us $8 a point back so we had 1600 from them on top so we had no problem. I would think as long as your debt to income ratio is not to high and you are putting that much down along with what they give you it should be fine MHO

 

[JourneyGirl]

Wonderul!! That is the answer that I was really hoping to hear.

Mary