DVC Financing with Bad Credit?

[macosx]

We have accomodated for APs, which is actually one reason we are excited about DVC. We like that we can buy APs (which means easier access for shorter, more frequent trips) and still have access to the Disney Dining Plan without having to buy passes. Another perk for us, is that we can use the points for Disneyland Resort. We used to work there, so a lot of our friends are still there. We are still in the planning phase of our decising to purchase, and won't make any hasty decisions. Thanks for your help!

APs can be a red herring. It's a modest savings in ticket costs, but all those extra days and especially extra trips mean you'll wind up spending MORE not less overall. How many hours drive are you? Will you be flying? How many trips do you plan to make the first 12 months of ownership? The next 12? Also, using points at DL are generally uneconomical, and paying cash may be better.

 

[buckeyebill1995]

Certainly, I am a Food and Beverage Manager at a hotel here in Oregon.

I only asked because my daughter's teacher's name is "Mr. I". Disney is very generous with their approvals, and it does not show up on your credit report as a loan (they only do an inquiry to get your rating). So it does not affect your debt/income ratio. On the other hand, for the same reason, making consistent payments to DVC is not going to help your credit rating either. If you feel you can comfortably afford it and have a plan in mind on other ways to rebuild your credit, then I say go for it. 50 years to look forward to family vacations, and 50 years of memories to enjoy is worth it to me!

 

[Mr. I]

I only asked because my daughter's teacher's name is "Mr. I".

Haha, that's funny! Nope, no teacher here. I chose the name because on the Disney forum I frequent for regularly my username is "Mr. Incredible." However, the name was taken here and I needed something similar to remember.

Thanks everyone for the further advice.

 

[Cruelladeville]

Since renting is easy, I think buying a contract is a good thing to do, since you know that you have the regular monthly payment. I like the idea that if I am short of cash after Christmas, I can rent out a few points. Once I rented out points and paid for a bathroom remodel! While it may not be an ideal thing to do, I paid cash for my bathroom, and still had points for a vacation, although it had to be a studio instead of a two bedroom. Owning DVC gives me more options than Disney envisioned when they began DVC, but it is nice having that safety net.

 

[nunzia]

I say if you think you can handle it then go for it! Memories are priceless and we all make misktakes that don't need to put a skidding halt on our enjoyment of life.
(My mistake was opening a restaurant..Mr. I, I was also in the F&B world but got sick of the 60 hour weeks..worked at the MGM Grand in LV)

 

[Nikisha421]

Buckeyebill1995 thanks for the extra piece of infomation aboout only an inquiry. I truly learn something new everyday on this board

 

[buckeyebill1995]

Buckeyebill1995 thanks for the extra piece of infomation aboout only an inquiry. I truly learn something new everyday on this board

No problem -- I'm a Financial Advisor, so I look at those types of things!