Financing Question

[nancieb]

I've read that DVC does not appear on your credit report, my question is how do they check your credit for financing? Do they run your credit report? Is anyone even not approved??

We are looking to buy early next year, we had some problems with our credit last year, and our credit score is a little iffy right now, but climbing strongly back up!

Any help is appreciated!
Thanks a bunch,
Nancie

 

[WilsonFlyer]

I don't recall ever hearing of anyone not being approved for at least "standard" financing (14.5%?). "Preferred" is a little more difficult @ 10.5% (?).

Yes. Disney does run CBI's but does not report back to credit reporting agencies. From what I have been able to gather here, their decisions are based mostly on Beacon scores and secondarily on debt to income ratios.

I don't want to jinx you or set you up for disappointment but I'd be prepared to buy if you're worried about financing. It's more a matter of rate, really.

Will we be saying, "Welcome Home!" to you and yours soon?

 

[flipflopmom]

Not sure exactly how, but our guide took our social security numbers, entered them, and had the answer instantaneously!

 

[rentayenta]

I believe you credit score has to be 710-720 for the 10.75% financing.

 

[bumbershoot]

I believe you credit score has to be 710-720 for the 10.75% financing.

Hubby's certainly wasn't that and we got the good financing.

 

[rentayenta]

Hubby's certainly wasn't that and we got the good financing.

That's good to know.

 

[simba20]

I've read that DVC does not appear on your credit report, my question is how do they check your credit for financing? Do they run your credit report? Is anyone even not approved??

We are looking to buy early next year, we had some problems with our credit last year, and our credit score is a little iffy right now, but climbing strongly back up!

Any help is appreciated!
Thanks a bunch,
Nancie

Hubster and I bought last September. I had a judgment on my CR from 2001. Which I had taken care of with the dept collectors, but judgments still stay on for 7 years (wouldn't ya know that as of January it has fallen off my CR). Anyway, our DVC financing officer called and I explained the judgment and how I had taken care of it. I faxed her proof of the settlement letter and copy of the cashier's check that I used to make the settlement and VIOLA we were approved.

I do have the money to pay off our DVC purchase, however we went for financing, as I am currently a SAHM and in grad school and we wanted to keep the DVC funds in case an emergency popped up while I am not working. I auctually plan on paying our DVC purcahse off when I go back to work.

 

[njtinkmom]

We just bought at BLT last month. My credit is certainly not stellar due to an ugly divorce where my ex left me all the credit card bills he racked up to pay. Anyway, they only took the ss#'s from me and my new and improved hubby and we were approved. We did not get the preferred credit, but I did not really care, I have the money (as of today anyway, who know's what tomorrow will bring!) and really wanted the tax write off anyway. They never even asked our income! Good luck! They really seem to stress being sure you can pay the monthly payments vs the "hard sell" I guess most people don't finance a "luxury" as I have seen some people refer to DVC.

 

[nancieb]

Thanks everyone! Hubby and I are definitely buying in the near future. Now to decide where...