Minimum credit score for Disney financing?

[JonS99]

I goofed a couple of months ago and closed two credit cards that have balances (about $3200), the one Fico score I checked, Trans Union, dropped down to 682 as of today... Our last late payment was a little over 2 years ago.. We ok or should we get it back over 700?

 

[pkgman]

Usually Disney will finance anyone. They just increase the APR or minimum down payment for the financing.

 

[Disney Spaz]

Just got preffered financing 10.75% with a credit score exactly like yours, 684. I have no late payments but one delenquency on my account for $44. Which I tried to dispute but since it is my bill it stays on my credit report until 2012. The reality was I went to celebration hospital in 2002 for the Norwalk virus and when I was admited they put the resort down as my address. Apparently for years All Star Movies was recieving a bill for me but I never recieved one. Then in 2005 right after I bought my house it showed up on my credit report as delenquent for 3 years. It wasn't there in April 2005 but in July 2005 when I went to consalidate bills at a lower interest rate it showed up. I was steamed. I called and imediatley paid it and argued that it was their error for not sending it to the right address and that my address on my credit report had not changed since I was 14 years old so they could have found me that way or through my insurance company, which they had no problem billing. But I was told by the credit reporting agencies that since it was truly my bill it was irelevant that I was not notified of it and it will sit on my credit regardless. I was however allowed to add a statement on my credit report attesting to the situation.

Sorry about going OT a little it just still steames me.

 

[Disney Spaz]

I forgot DVC used Equifax when they reviewed me two weeks ago.

 

[disneylvrnMS]

We were told by a DVC guide that they do not actually go by your score. The only way anyone would even be turned down is if they have a mortgage note that is currently showing late or if they have a bankruptcy that has not yet been discharged.

 

[heaven2dc]

I have an off-the-wall question but sort of related. When you say Disney financing, are you speaking of financing to purchase DVC timeshare? Thanks!

 

[Eventer98]

I have an off-the-wall question but sort of related. When you say Disney financing, are you speaking of financing to purchase DVC timeshare? Thanks!

Yes, Disney offers their own finance program if you want to buy into DVC. You either get a "preferred" rate or a "standard" rate. I think there is a 4% difference between them and it adds up to a whole lot of interest!

I got preferred financing with a 680-700 credit score. No issues. I didn't have to put extra money down either.

 

[Tink-aholic]

It makes sense for them to finance anyone, since they have almost no risk involved. If you are late or default, they just keep your points. Short of administrative costs, it is a no-brainer for Disney to offer financing.

You should be able to get a MUCH lower rate purchasing DVC on your credit card.

What you have to do is figure those interest charges into your total expenditures to figure out if DVC is worth it to you. It will take you longer to "break even", regardless of your vacationing habits.

Good luck.

 

[RCDisneyFan]

They WILL finance you... as others mentioned 10.75% is the standard interest rate. For poor or no credit, they'll charge you 14.something%. If they offer you the 14 something I would try to improve your credit history before buying in. That 3% makes a BIG difference over the term of the loan - unless you have a plan to pay it off way early..

 

[carmie3377]

You should be able to get a MUCH lower rate purchasing DVC on your credit card.

Good luck.

That's what we did, we purchased ours on our Citicard. Plus, I got the reward points that was enough for $175.00 Gift Card

 

[yitbos96bb]

We were told by a DVC guide that they do not actually go by your score. The only way anyone would even be turned down is if they have a mortgage note that is currently showing late or if they have a bankruptcy that has not yet been discharged.

From what I have heard this is dead on... I have even heard of people with a bankruptcy that has been discharged, some as soon as 4-6 months from discharge getting disney financing, albeit at a higher rate... I think 15% or around there. Ultimately, from their point of view, its worth the risk because 1) its a secured debt 2) Most DVC Disney can resell later for the same price or higher... Its really a win-win for them, since they keep all the money paid to date if someone defaults and anytime before default those people were at Disney, they obviously make a nice chunk of change from the trip.

 

[yitbos96bb]

It makes sense for them to finance anyone, since they have almost no risk involved. If you are late or default, they just keep your points. Short of administrative costs, it is a no-brainer for Disney to offer financing.

You should be able to get a MUCH lower rate purchasing DVC on your credit card.

What you have to do is figure those interest charges into your total expenditures to figure out if DVC is worth it to you. It will take you longer to "break even", regardless of your vacationing habits.

Good luck.

They are actually pretty cool about working with you if something pops up in your life that might hurt you on payments... without negative consequences... as long as you call them. I lost my job and had a period of 6 weeks between the new job and the bill being due where I didn't have the money due to an emergency. I called them and they helped me out... no late fees, no grief, no threats of foreclosure... really nice people.