lowest credit score acceptable

[Caskbill]

One thing is simple, if you are late on your dues or mortgage payments, you can't make any reservations. So DVC isn't out a thing. Your points expire for the year (if you can't bank them), DVC rents out the room you might have reserved, for cash, to someone else.

There's no risk to DVC at all, so they will basically sell to anyone regardless of credit scores.

In all the years on this board, I don't recall anyone ever saying they were denied credit.

Whether it's a sound financial situation depends on the individual's personal situation, not their credit rating. Someone could have stellar credit, but still be a bad financial decision to purchase.

 

[rinkwide]

...just because someone has hiccups on their report does not mean they are not entitled to purchase timeshare like anyone else.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Superfluous Debt.

 

[taurus8012]

For those who want the answer to the lowest credit score accepted well here it is. My credit is challeged ,to say the least. This is what was done with me this past month . My rating is 603 (I know, wholly rollers) not good at all and my wife who is not here to defend herself credit is lower ) Family income roughly $87000 Hey We love Disney just the same, we have a family of six and for the past 7 years have made the trek to the Mouse staying in moderates and renting DVC. Disney just requsted 30 pct down instead of the 10pct which is better because more goes to principle.So Answer the penalty (if you want to call it that ) is just put more down . There is no better/safer place on earth for a family to vaction and now I will finally save money doing this.... So far the lowest score is that I know me is 603 but put 30% down instead of ten

 

[Janet Hill]

for those with bad credit.

Not necessarily so without knowing the facts. Sometimes a bad divorce can cause bad credit. It did for me (it's now completely cleaned up), however, there were a few years of less than stellar credit and I could have easily afforded a DVC purchase (and did, but paid cash).

 

[jackskellingtonsgirl]

Our credit scores aren't bad, but the loan application to buy resale just about gave me a coronary. To fill out something THAT extensive and then potentially be turned down would have chapped my tushy. Our debt to income ratio is a little high, but we're managing just fine. I'm not sure a "traditional" loan would have been an easy approval.

When I called our guide at DVC (we toured last summer but didn't buy) I told him I wanted the "preferred" financing or we weren't going to buy. We were approved (like someone else mentioned) in like 2 minutes, at the "preferred" rate. We were required to put 10% down, but we paid more because we wanted to. The credit applications in our DVC document packet just needed signatures, no additional info required.

Yesterday we each got a letter in the mail listing our credit scores, which was kind of cool. DH can actually see his on the website of his one bank card but we weren't sure if it was accurate. It is.
I check my free credit report annually, but I never pay to get the score. Last time I knew my credit score was in 2005 when we bought DH's car. It has only changed by 3 points since then.

I don't know how extensive the credit check is, but I am sure it was easier than applying for a loan to buy a resale. And I don't know how low your score can be because our scores aren't bad, but it was nice to get our scores in the mail! (I think someone mentioned that on the thread about whether or not the inquiry shows up on your credit report.)