Are you dreaming of a magical Disney vacation? You may have heard about the Disney Vacation Club (DVC), a timeshare program that allows members to stay at Disney resorts around the world.
But, if you’re considering joining the DVC, you may be wondering if good credit is necessary. Let’s take a closer look.
What is the Disney Vacation Club?
The Disney Vacation Club is a timeshare program that gives members access to accommodations at various Disney resorts. Members purchase points that can be used to book stays at any of the DVC resorts, including those in Walt Disney World, Disneyland, and even international destinations like Hawaii and Tokyo.
How does credit come into play?
When you apply for a DVC membership, your creditworthiness will be evaluated. This is because becoming a member requires financing, either through a loan or by purchasing points directly from Disney. To qualify for financing, you’ll need to have a good credit score.
What qualifies as a good credit score?
Credit scores range from 300 to 850, with higher scores indicating better creditworthiness. While each lender has its own criteria for what constitutes a “good” score, generally speaking, anything above 700 is considered good. Scores above 800 are considered excellent.
What if my credit isn’t great?
If your credit score isn’t where it needs to be to qualify for DVC financing on your own, there are other options. You may be able to find a co-signer with strong credit who can help you secure financing. Alternatively, you could work on improving your own credit before applying for membership.
- Pay down debt
- Make all payments on time
- Avoid opening new lines of credit
- Monitor your credit report for errors
The bottom line
Good credit is important if you want to become a DVC member. However, if your credit isn’t quite where it needs to be, there are options available to help you achieve your Disney vacation dreams. By improving your credit or finding a co-signer, you can increase your chances of qualifying for DVC financing and enjoying all the magic that comes with membership.