Credit Decision

[brandip22]

How long did it take until you heard back about the credit decision when financing thru DVC? Our credit was pulled a week ago, but we haven't heard anything yet. Maybe that's good news? I just called my guide and she said they are "working on it." She said the underwriter would call me if she had any issues or questions. Last year, when we applied, we had just filed BK and they called quickly to say we would need a 30% down payment. We already did 20% this time, plus our credit is about 80 points better, so we think we'll be ok. Anyone remember how long it took before they heard back? Thansk in advance!

 

[Tink10]

When I asked my guide the other day, she told me that we will get a letter of approval in about 2 weeks......


I don't know if we have already been approved or not, but with mortgages, no news is always good news......

 

[melkimmom]

We just bought 2 weeks ago and I remember being very nervous (not greatest credit here), but it took only 2 days for underwriter to call me and ask for additional info. Two days after that she told me that it was approved and that I should receive the letter within a week. I received it last Friday. Already used all my points for May 05. Ended up buying more points this week. What can you do?
I will suggest you call them every day until you get your answer. Ask for the name of the underwriter and call her if you feel you are making your guide go crazy. I did.

 

[salvatorejrm]

If I remember correctly if you have a BK they will ask for 30% down. After 7 years they do not look at the BK anymore and you could go back to a 20% down payment. Look at it this way a 30% down payment is the absolute worst that could happen. So you will be ok don't sweat it. GOOD LUCK AND ENJOY

 

[pkgman]

we sent our paperrwork back on 1/26 (Wednesday). The received it in 1 day instead of 2 days on 1/27 (Thursday). I received a letter saying that we have approved on 1/31 (Monday) that was postmarked 1/28 (Friday).

I was really impressed that they moved that fast.

 

[treehugger]

Our guide calls all his new members when DVD approves the contract. I wasn’t concerned as DH is a freak about perfect credit. Within two days of DVD receiving our papers our guide did call to say everything went through, and we received an approval letter from Member Accounting within a week for our initial purchase and add-on; both with a 10% down payment. I agree with another poster, you should contact Member Accounting directly to check on status. I have heard that DVD is very flexible with financing, I have only seen one person who had to put 50% down and was required to pay off balance within a year, in most cases the high end was 30%. Don't worry, I am sure everything will turn out fine!

 

[jkovick]

You are buying into DVC just after filing BK?

 

[Rence]

My partner had a BK that was about 5 years old at the time we applied. My credit score was very high and his was in pretty good shape. We went in with 20% down and were approved no problem. So at least we had a BK with less than 7 years and only did 20% down.

 

[livinforvacation]

ddddddddddd

 

[TammyAlphabet]

They got my package yesterday and my guide called today and said that my financing was approved!!!! I was worried too but with the 20 percent down and the 10 incentive, I already had over 30 percent down from the original price but my Debt to income was cutting it close!!! I was thrilled, and you will be dancing soon!!!!

 

[livinforvacation]

.......

 

[FamilyGuy]

What about good credit but high credit card debt. I receive lump sums from my employer so in between I rack up the cc debt then pay down when a payment comes in. When I heard the rumors of the DVC price increase I decided to go for it before it went up. Unforturnately, I am at a point of high debt. Income is great though. Any thoughts??? I sent in paperwork on Friday.

Based on the situation you described above, I bet you would have no problem with approval. I am a Finance Director for a Auto Dealer and have looked at consumer credit for the last several years. I had a few late payments on my bureau and a score around (I would guess) 600. I thought there might be a small possibility that I would need 20% cash down instead of 10%. At the very least some explanation of the lates (there is none, like you I have a very high annual income, I just need to put all of my bills on auto debit ). I was pleasantly surprised when I received my approval letter a few days after sending my packet back to DVC. It was postmarked 3 days after I sent it back, which means they made the credit decision in one or perhaps two days. Because of my experience with paperwork, contracts and credit, everything they asked for was complete and accounted for (proof of income, Notary signature, etc).

IMHO, if you are always on time with everything, you total monthly debt including your new DVC montly payment and dues will need to be no more than 45-50%. IE if you make 120,000 annually, which is $10000 a month, yuo would need to have your monthly bills totalling no more than about $4500 - 5000 monthly incuding DVC payments (and dues too).

Now I'm worried.Who is your guide? My papers were received Saturday and I haven't heard. Maybe only some guides call??

Our guide did not call regarding the credit decision. The letter was the only response I received. Give it till Monday at the latest, I bet you'll get your approval letter! Just wait it out patiently.....

 

[JustLoveDisney]

I wouldn't worry I spoke with my guide yesterday and she said she has never seen anyone disapproved. 20% seemed to be the most they asked for down. As someone who used to work credit I'll let you know that after you file a BK companies will give us a new loan with 20% down because you can't file BK again for some time.

So don't worry I'm sure you'll be scheduling your first visit home in no time.

Debi

 

[Tink10]

Got The Good News From my Guide......We got approved & passed ROFR!!!

 

[brandip22]

Thanks y'all. I will probably call back today to see if I can call the inderwriter.

And jkovic, I did not just file BK- it's been 2 years. If you want to know, it was due to a business we bought and the owners totally falsified ther records and so we had to close once we realized everthing. Filing BK was the only way we could not get sued by the SBA lender sine we signed a personal guarantee. We did not discharge any personal debts and in fact, only have house and car payments now. So, my financial situation is fine and we never had any issuse as far as our personal credit goes other than that sowing. Our credit scores are decent considering filing.
I am also a loan officer and was underwriting loans for years, so I know what they look for and all- I just wish I could speak with the underwriter to let her know the situation. Oh well, I can always put more down if I have to- I'd just rather it be in savings. I'll update when I hear!

b

 

[Deep-Thots]

Hi, brandip22 --

Here's sprinkling pixie dust your way!


And to be honest, I thought jkovic was a little (no, make that a lot) out of line in his quick call to judgment. You came here seeking advice/answers, not public castigation. I'm just sorry you felt you had to defend yourself against the negative implications!

Again, good luck!

 

[brandip22]

Thanks for that, Deep- I did feel that way, and almost said something rude, but decided not to! Some people just want to judge others with no context of what happened. Oh well, I got over it and don't mind telling my story since I learned so much from it and now try to help small business owners and start ups with real-life stories.
Anyway, My guide left me a message while I was out today and I've called her back and left her one. I've also tried her every 30 minutes b/c I'm dying to know what she is going to say! I'll post when I hear!Thanks again for the pixie dust!

Brandi

 

[Deep-Thots]

Wow -- I hope you can reach the guide. I hate it when I miss phone calls like that!! Again, good luck!

 

[TammyAlphabet]

Spreading pixie dust!!!!!!!!

 

[brandip22]

Thanks for the dust - here's an update. I finally got in touch with my guide this morning. They gave me the same deal they did last year, which makes me mad as our credit has been perfect since the BK and our scores have gone up 80 or so points- they are in the 630's now. The deal is 30% down, so another $1350 for us and finance for 5 years rather than 10. We have the extra down, but didn't want to spend it. The payment only goes up $50/month and it will be paid off sooner, but still.. They are also giving us 60 days to do the rest. DH wants me to ask our guide if there's anything she can "give" us as an incentive or "goodie" due to this- like a free meal or one day passes. I told him I am sure they wouldn't so that, though. He's pretty mad, too, but we are still going to do it. We can afford it anyway, but I wanted that extra money to go ahead and purchase our tickets. Oh well, but we are in and basically done! Oh, and that dust may have helped in other areas anyway- I am up for a promotion and our President has already told others that I got it. I should hear in a couple of weeks. Thanks guys and have a great weekend!