Contract and credit ck

[prettypixie]

Hi all,

I have yet another question regarding my DVC purchase. I am reading over the contract and there is a clause in the contract that talks about failure to qualify for financing..etc... I thought my guide already did the credit ck. My question is will there be another inquiry into my credit files once I sign this document?

 

[RobDoc]

In all likelyhood there will be no problem after the initial credit qualification - but the clause is there to protect DVC in case some irregularity becomes apparent after-the-fact. I wouldn't be too concerned about the clause unless you have something from you credit history which could affect the sale. The worst situation we've heard about in the past is that a few buyers had to pay a hoigher downpayment (20%) but everything else was as suggested.

Good luck!

 

[marynvince]

shouldn't be purchasing DVC. Not saying that You are, but there are many that post that worry about credit checks and if they'll qualify. These types of folks are in the credit situation that they are in because they buy or attempt to buy DVC. If you're worried about your credit, you shouldn't buy into DVC.

 

[prettypixie]

Thanks all for your response I was really questioning why DVC would do this twice. I did all mine over the phone, gave guide my SS# and was approved, then I received the contract and it says they will run credit again. I think the initial credit ck should be sufficient. This was more of a curiosity than anything else, I signed all my documents and sent them in today.

 

[oakmanner]

If you're breathing, you will pass the credit check. You may be charged a higher interest rate though. Disney has nothing to lose. If you default, you are out you're deposit and any payments you made, then they resell you're points.

Dennis-