lowest credit score acceptable

[skatermom]

What is the lowest credit score ever passes to obtain a DVC loan. Ours is less than perfect

 

[acejka]

Ours is way less than perfect as well, and we got approved for standard financing with no problems.

If you would like to PM me, I will disclose the range of my score to give you an idea.

 

[james'mommy]

From what I understand they pretty much approve anyone. Just mean the rate may be higher.

 

[delmar411]

From what I understand they pretty much approve anyone. Just mean the rate may be higher.

exactly

 

[luvindisneyworld]

If your credit is not good I think that your Down payment and your interest rate would be higher than normal.

 

[DisDaydreamer]

The thing about these loans (from Disney's POV) is that they never let go of the control of the property... You default... they reclaim it. So they have a pretty high tolerance.

Of course it is more complex than that, but they're never going to lose their shirts.

 

[ctydisneyfan]

Hello,
I can tell you from experience that the credit number is rather low. My credit is far worse than expected and they were willing to approve with a larger down payment and a higher interest. But check your options! We got better financing without one of us, so I excluded myself and my husband was able to get the loan without any additional money and a lower interest rate!

Good Luck!

 

[bumbershoot]

OP, thanks for being brave enough to ask this question...I've never been that brave but have wondered for months!

 

[tjkraz]

Of course it is more complex than that, but they're never going to lose their shirts.

No kidding...particularly when they are lending money at 14.75% in today's economy.

On a 160-pt purchase, they'll earn around $2000 in interest alone the first year of ownership.

 

[twinklebug]

Interesting question. I'm planning on buying in ~soon~ (a relative term as my plan is to pay cash & be done with it) ... but AKV is looking so tempting I'm considering buying in early & paying it off asap. I have good credit - but still worry about being whacked for being a few points off from ideal.

Since I have never inquired from about Disney about their financing program can anyone tell me what general terms they offer are? (% down / term / even if there's an early payoff penalty?) I know I can call Monday, but I hate doing these calls from work.

 

[WilsonFlyer]

10% down
10.xx%
10 years
No penalty for early payoff.
Pay against principle is an option on the members' site but can only be paid with a CC from what I can decipher. Go figure.

Being from a banking background, I'm starting to seriously question whether Disney even RUNS a CBI under "normal" circumstances. I'm beginning to think they look at your resort payment history (which they can do EASILY and QUICKLY) and if that looks basically good (CC's always approved and year after year), I'm betting they don't even run one.

I didn't see an inquiry on mine after I bought last month. They can't do an inquiry w/o making a mark. The system, by design, leaves a mark.

Think about it. As I said in another thread somewhere along the same subject matter; what have they got to lose? The property's theirs. Repo is likely easy under FL time-sharing laws which tends, in all states, to favor the lender/developer. They have your 10%+ down and whatever you have paid thus far in payments and maint. It's a win-win for them. As an added intangible bonus, most people that bother to buy DVC would probably give their right arm not to lose it. Disney knows this too.

 

[taurus8012]

Interesting question. I'm planning on buying in ~soon~ (a relative term as my plan is to pay cash & be done with it) ... but AKV is looking so tempting I'm considering buying in early & paying it off asap. I have good credit - but still worry about being whacked for being a few points off from ideal.

Since I have never inquired from about Disney about their financing program can anyone tell me what general terms they offer are? (% down / term / even if there's an early payoff penalty?) I know I can call Monday, but I hate doing these calls from work.

Generally its at least 10% down and with good credit they will accept you that day you can finance from 1 to 10 yrs with 10.75 rate. Make sure you get a referral for all of the perks( you can use me if needed ) like 8 off a point and matching developer points to use this year and have double points for next year (ex: buy 160 points: you will get 160 now to use at Saratoga Springs only , you will get another 160 points for ak2 to use next year (to bank) along with your next year points total of 320 points next year available )................very good time to buy in....

 

[MrDiamond]

They do a cursory check on your credit, not deep enough that you get dinged on your score like applying for a credit card. More like the ones you never know about like the ones that generate all those credit card offers, unless you pull your total credit report.

Score means little except to determine between which rates you get. There are these issues that will get you rejected:

Government liens
Current foreclose on your home
Currently in forebearance repayment program (because technically, your home is still in foreclosure)

Other than that, down-payment and either loan percentage rate is the only other issue.

Good luck!

 

[marynvince]

for those with bad credit.

 

[delmar411]

I didn't see an inquiry on mine after I bought last month. They can't do an inquiry w/o making a mark. The system, by design, leaves a mark.

They do run your report. I just pulled my 3 to do some checking on things and they pulled when we first applied and right before closing. 2 marks showing DVD inquiries. When we applied they sent us letters with our credit scores, which was a nice bonus since you normally have to pay to get that info from the CBs.

I don't know how often the CBs updated that section though since I haven't pulled my reports since before we got DVC.

 

[pilferk]

Interesting question. I'm planning on buying in ~soon~ (a relative term as my plan is to pay cash & be done with it) ... but AKV is looking so tempting I'm considering buying in early & paying it off asap. I have good credit - but still worry about being whacked for being a few points off from ideal.

Since I have never inquired from about Disney about their financing program can anyone tell me what general terms they offer are? (% down / term / even if there's an early payoff penalty?) I know I can call Monday, but I hate doing these calls from work.

We did exactly what you're thinking of doing, above. Bought, financed at a longer term (3 or 5 years...can't remember which), but I actually paid the last of it with the economic stimulus money we just got (and, had we not gotten that, it would have been paid off in mid-June). We put 25% down (our choice, I think they wanted 10%) and our rate was pretty close to 10%. MOST of our balance was paid off before the holidays last year (and we didn't start making payments until June-ish), the bulk of the rest with our tax return, and the last bit about a week ago. We paid something to the tune of 700, total, in finance charges over the course of that year....giving back about 1/2 of our "discount" (about $3.50 per point of our $8 PPT discount)....but getting to use our points for an extra year (because expiration doesn't change). It seemed (and still seems) like a wash to me which is why we did it.

 

[dnoyes]

They do a cursory check on your credit, not deep enough that you get dinged on your score like applying for a credit card. More like the ones you never know about like the ones that generate all those credit card offers, unless you pull your total credit report.

Score means little except to determine between which rates you get. There are these issues that will get you rejected:

Government liens
Current foreclose on your home
Currently in forebearance repayment program (because technically, your home is still in foreclosure)

Other than that, down-payment and either loan percentage rate is the only other issue.

Good luck!

This is what I think also.

We just used Disney credit yesterday and it was done in two minutes, I'm not kidding.

 

[jenfur]

for those with bad credit.

Actually, it can improve bad credit if the borrower pay regularly. Other than opening and paying new accounts, only time improves bad credit. Even paying the past debts that got you that score doesn't make them fall off your report.

 

[BigTigger]

When we did a BWV add-on in 2002, DVC offered the standard financing after 10% down in terms of 3, 5, 7, and 10 years. I countered that I'd like one year interest free in order to sign the deal. They did run a credit check on me that day and some higher-up approved the non-standard conditions of the loan. So you can negotiate the terms with DVC and they will check your credit at least in the case I outlined.

 

[tinkNbelle14]

for those with bad credit.

Wow. Did you ever consider that the OP or whoever with less-than-perfect credit had some sort of extenuating circumstance beyond their control? I mean, obviously from your post, you don't have that problem....great for you. However, just because someone has hiccups on their report does not mean they are not entitled to purchase timeshare like anyone else.