how good does your credit have to be to buy into the DVC property with

[babesboo99]

I was just wonderin how well does your credit have to be to buy into the DVC? I have heard that some people have financed through disney with poor credit good credit and so on?

 

[arthur06]

I have heard that Disney has "raised" there credit standards. In the past you just needed a pulse to qualify.

 

[Deb & Bill]

DVC is really a luxury. It works better if you can resolve your credit issues first and then think about spending on DVC.

In the mean time, you might consider purchasing a DVC reservation from a member to try it out until your credit has improved.

 

[Kidanifan08]

Your credit rating is probably less important than having the ability to afford everything that goes with owning DVC. DVC ownership is a luxury purchase and should not feel like a big financial decision. It should be more like buying that convertible or boat that you don't need. I personally hate paying our DVC MF's and our monthly payments, but it is nothing more than an entertainment expense -- I hate paying for our cell phones and satellite TV, too! Having good enough credit to buy into DVC is not as important as having the ability to afford the MF's, airline tickets, park tickets, food, souvenirs, etc. For 30 years or more.

 

[TheRustyScupper]

1) If buying through Disney, poor credit is not a terrible issue.
2) We have heard of people with low 600's FICO getting a loan.
3) After all, it is too easy for them to repossess and resell.
4) Disney is pretty loose with their underwriting standards.

 

[jesschris]

I have heard in the past your credit does not matter much except for the rate. I have neem told that they have 2 rate categories.

 

[antnyh]

This is only a suggestion and most likely not an option for the vast majority, but I would try and pay the full amount up front. I just think it makes the best financial sense.

 

[joeandmel]

Disneys rates suck. It is around 11% for 750+ credit score and i think it was 19% for anything lower.

 

[z28wiz]

10.25% for preferred 15.25 for standard i believe

 

[Tyronie]

When we bought we weren't too far from our BK an were self-employed, and congratulations you're approved!

Like everyone has said the most important part isn't if you can get approved or not, rather if you truly are able to financially swing the ensuing commitment.

Good luck!

 

[arthur06]

Like many have said, there is so much more that goes into DVC then just the room portion...

We just got back from an adults only trip at BWV, we have AP's and used ME...

We tried to do this trip as in-expensive as possible and still our trip was over $1,000 which is cheap by Disney standards.

 

[Terri2007]

10.25% for preferred 15.25 for standard i believe

I suppose it is not too different from many credit cards. I know the OP probably didn't want a lecture on home finance, so I will limit my comments (do agree with the PP's though)-

We try to avoid any CREDIT like the plague. We refuse to lease a car because I can't stand paying interest. The only interest we do pay is on our mortgage and we want to get rid of that asap as well.

That being said, the reality is that DVC has an exclusive price tag. I think there are ways to make it more affordable - less points and alternating years, low times, etc... Regardless there is much more then just the room/(upfront money and maint. fees) as most have pointed out.

Personally, if you couldn't pay upfront, I wouldn't do it all.

 

[bumbershoot]

DVC is really a luxury. It works better if you can resolve your credit issues first and then think about spending on DVC.

I've said it before, I'll say it again...it's entirely possible to have resolved all *problems* for years, but have the credit rating following you around. The OP might have absolutely no current problems at all.

 

[s830632]

If you have a bankruptcy in your past, it might be a bit more difficult, but otherwise I think a lower score isn't going to effect your ability to get the loan, if it's lower they might require more documentation rather than just being able to give you an instant approval. The best thing to do is just call them, they can tell you pretty quickly whether or not you are approved.

On that note though, I was worried myself when I first started this process. I had nothing really bad on my record, other than some late payments several years back, but my credit score was still low as a result and I was concerned about getting financed. In the end, I qualified for Disney though and through my bank for a signature loan.

 

[PolarWSU]

I am pretty sure the OP was not posting looking for financial advice or help knowing what they can or cant afford. Some people have poor credit from issues long resolved that just follow you. I am an example of a person that had a low credit score (when I financed DVC) and yet could afford DVC. I wold bet there are many of us out there.

To the OP: Disney's credit standards are still very low. I have friends the just completed a bankruptcy 4 months ago and had all the associated credit dings that just got financed through Disney with the standard down but the higher interest rate.

 

[AllieV]

DVC is really a luxury. It works better if you can resolve your credit issues first and then think about spending on DVC.

This is a really snooty answer. The person wasn't asking for a lecture on how to live their life. Heck, they may not have even been asking for themself. They were asking for facts. Sheesh.

 

[s830632]

I am pretty sure the OP was not posting looking for financial advice or help knowing what they can or cant afford. Some people have poor credit from issues long resolved that just follow you. I am an example of a person that had a low credit score (when I financed DVC) and yet could afford DVC. I wold bet there are many of us out there.

To the OP: Disney's credit standards are still very low. I have friends the just completed a bankruptcy 4 months ago and had all the associated credit dings that just got financed through Disney with the standard down but the higher interest rate.

Thanks for saying that, I don't really understand why everytime someone asks for any sort of financially related, specifically credit related, advice everyone seems to feel compelled to start lecturing people about their financial situation.

 

[s830632]

This is a really snooty answer. The person wasn't asking for a lecture on how to live their life. Heck, they may not have even been asking for themself. They were asking for facts. Sheesh.

Agreed Allie.

I think this is a good question, I asked a similar one myself before I started this process, and I asked it for two reasons. One, before getting my hopes up, I wanted to know if I had any chance of getting approved for the loan. I didn't want to have to deal with a sales person only to find out that my credit was just too poor to get financed. Two, I wanted to know what my options were, if I hadn't come to this site and asked this question, I probably never would have known about resale or found out that I could finance this through a signature loan, rather than DVC, at a better rate and one that wasn't tied directly to the timeshare.

I don't think anyone would argue that it woudl be best to pay for it all up front, but for many if not most of us, that's just not an option.

 

[kamik86]

I'm not sure how good it has to be. We got approved for the preferred rate even though my husbands credit is so bad he couldn't get approved for a Target credit card (and this was a few years ago before they tightened up standards) but my credit is really good so I'm not sure how they deal with multiple applicants like that.

I would guess getting preferred is out with poorer credit though because I remember from the time the guy got our birthdates and realized our age the guy kept quoting us the higher prices until he ran our credit and seemed REALLY shocked that we got it.

 

[z28wiz]

Just ignore some of those comments. Some people just have a stick up their you know what. If something doesnt agree with their thinking then they lecture everyone else and never answer the questions. Always happens with the financial posts as the above poster stated. To answer your question you can obtain DVC with poor credit you just may need to provide more docs.