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View Full Version : What type of documents do thay send you to get qualified?


Minybear
02-20-2002, 08:45 AM
I am curious what type of documents they would be sending you after you put your deposit down. What infomation do they want from you? My guide is on the Wonder right now and wouldn't be getting back until Friday or Saturday and at that point we will be putting the deposit down to purchase at the BCV. I am curious on what we have to fill out. Do we have to list all of our indebtiness? If you purchase a car they want you must be under 40% indebitness to get qualiifed. Does Disney want the same percentage? My Quicken program says we are about 46% in debit. Are we to much in debt? We save for this Disney from $400-600 a month. Sorry I am just nervous on if we will approved or not. I think we will be approved but still nervous of the unknown right now.

sgtpet
02-20-2002, 08:53 AM
I think I mailed them a pay stub to support the dollars I earn. That was it.

They take just about anybody.

DiznEeyore
02-20-2002, 08:57 AM
Minybear:

You'll get a big box of documents to sign, and there will be a credit app. in it if you are financing. You will have to list all of your debts, just as if you were applying for anything else (interestingly enough, though, your DVC debt will not show up on credit reports pulled if you buy a car or house later on). There will also be an agreement you must have notarized.

I don't know what percentage Disney considers too much, to the point that they would deny someone. I know from reading past threads that rather than flat-out denying someone, they may ask for a larger downpayment and/or a shorter financing term.

HTH! :)

Minybear
02-20-2002, 09:05 AM
Friday or Saturday we will be putting $500 down and then when our IRS checks come in (hopefully in less then 4 wks) then we will be putting down the rest of the down payment of $3210 which is 20%. We are purchasing 214 pts. If they accept about anyone then we should be ok (hopefully).

newt1912
02-20-2002, 10:12 AM
Originally posted by Minybear
. Do we have to list all of our indebtiness?

The mortgage application was a simple form. Did not ask for any debt info. I figured that by giving our social security numbers, Disney could do a regular credit report inquiry. I find it rather ridiculous to have to list all debt on financing applications when you know a credit check will be done anyway.

I sent a copy of my 2001 W2 form and a copy of our 2001 income tax return since my husband is self-employed.

DiznEeyore
02-20-2002, 10:45 AM
Originally posted by newt1912


The mortgage application was a simple form. Did not ask for any debt info. I figured that by giving our social security numbers, Disney could do a regular credit report inquiry. I find it rather ridiculous to have to list all debt on financing applications when you know a credit check will be done anyway.


Have they changed the docs, maybe? When we bought last year, we had to list our debts (mortgage, car, dh's stu. loan) on the credit app.

I agree that it seems silly to have to list things when a credit report will be pulled, however, that's often how mistakes on a credit report are caught, i.e. things don't match up with what you're reporting.

HookdonWDW
02-20-2002, 10:59 AM
We're in the process of filling out our paperwork right now... I'm looking at our credit application. They ask for:

1. Borrower Information (name, address, dependents, amount of monthly rent/mortgage, etc...)

2. Employment Information

3. Annual Income

4. Cash Assets

5. Monthly Expenses - includes spots for 2 mortgages, 2 auto loans, alimony/child support, and "other"... it asks you to describe other. There isn't a spot for putting down credit card debt, unless you want to lump it under "other".

Minybear
02-20-2002, 11:08 AM
HookdonWDW

With the documents you are looking at. We purchased a car for my son last December and due to his bad credit we had to purchase it under our credit. He is paying the payments. Do we still list it? If we do have to list it how can we explain our son is paying the payments? Any suggestions.

HookdonWDW
02-20-2002, 11:19 AM
Minybear,

We have a car that we will pay off at the end of April, before we close on BCV. I called, and was told NOT to list it on the credit app, since it won't be a debt when we are paying on BCV.

We have another situation that is slightly complicated, that basically means that it looks like we have a $700.00 a month expense, but we don't really - it's offset by dh's pay, but not reflected in his pay stub. I was told not to worry about it... just include an explanation with my app. She basically said that if they have any questions re: credit, they will call you for clarification... lol, she reminded me that they're Disney... don't worry about it :)

Lisa

Minybear
02-20-2002, 11:41 AM
HookdonWDW/Lisa

Thanks for your reply. We will include an explaination of the car and the student loan down since we are not paying those payments. I am starting to feel a litltle better now.

newt1912
02-20-2002, 11:44 AM
Originally posted by HookdonWDW
We're in the process of filling out our paperwork right now... I'm looking at our credit application. They ask for:
1. Borrower Information (name, address, dependents, amount of monthly rent/mortgage, etc...)
2. Employment Information
3. Annual Income
4. Cash Assets
5. Monthly Expenses - includes spots for 2 mortgages, 2 auto loans, alimony/child support, and "other"... it asks you to describe other. There isn't a spot for putting down credit card debt, unless you want to lump it under "other".

There must be 2 different type of credit applications for DVC purchases. I actually was shocked with how little info I had to provide other than a copy of W2 or current paystub. They never asked for my current mortgage, car payments, dependents, etc.

Perhaps it was because we were only purchasing 200 points and financing $10,000??? Perhaps a higher DVC mortage would require more extensive paperwork?????

GrammieMame
02-20-2002, 12:06 PM
Based on a conversation with my guide about adding on, I think there may be a difference in credit application if you are doing a first purchase vs. adding on.

Terry S
02-20-2002, 12:15 PM
Minybear... I just received a call from my guide 2 days ago that said I had been approved. We did fill out the same paper work that had a space for 2 mortgages, 2 auto loans etc. The only only thing I filled in on that was my mortgage. I figure they can get the rest of the information from my credit report. Just wanted to let you know we have a lot of debt and we were approved. Our credit report is flawless but we do have a good amount of debt so if that makes you feel any better. FYI, we did the 20% down and purchased 600 points.

HookdonWDW
02-20-2002, 12:17 PM
Grammie,

You're right. It's says that if you are an Add-on, 2nd Master (?), Trust, Foreign resident, 1 yr/50%, or DVC CM, you can skip all of the expense and asset info.

Johnnie Fedora
02-20-2002, 01:02 PM
We did a 200pt add-on at BCV and when I called and questioned the finance form, they said that since it was an add-on, I didn't need to fill out the green areas. Our other contracts were not financed through DVC.