Does this mean we were approved?

[aceys_h0ney]

Ok so our credit is not stellar. It was all past mistakes and we have been good for a few years not but after a bad divorce from both of us lets just say our credit situation sucks. We are stable now and have the extra money to buy in but we did finance some of it. Anyway on to my question, the deposit was taken from my checking account last night and I got an email with a temporary password to log in to my DVC account. It says the member ID is included in my packet they are sending, so does this mean we were approved? I am trying not to get too excited and I am at work so I can't call nor can I sit on my porch all day waiting for our packet. We really want this to go through and I would love to wait until we can pay for it all at once but that is not an option for us right now so we are going this route. Sorry if this is a really stupid question I am just really excited but don't want to get too excited if it does not mean we were approved.

 

[Bostonterrierlover]

More than likely you are pending approval. You will have to fill out all the paperwork in the packet and send in a copy of some pay stubs or last years W-2. After this has been done, you will find out if you have been approved for the financing rate your guide told you. Hope this helps answer you question!

 

[aceys_h0ney]

Thank you that does help a lot.

 

[disneynutz]

When approved you will get a letter from credit department.

Bill

 

[Crystal_27]

If DVC has taken your deposit, you are in! Congratulations and welcome home!

 

[disneynutz]

If DVC has taken your deposit, you are in! Congratulations and welcome home!

Sorry but that is not true. There are several different people processing the purchase at Disney. The Guide takes the deposit several days before the finance people do there processing. We received our credit letter after we had returned our signed contracts.

Bill

 

[CarolAnnC]

If you have credit issues, Disney will sometimes come back with a higher interest rate and a larger deposit requirement. The waiting is tough, but you should hear fairly soon!

 

[Crystal_27]

Sorry but that is not true. There are several different people processing the purchase at Disney. The Guide takes the deposit several days before the finance people do there processing. We received our credit letter after we had returned our signed contracts.

Bill

But, they've issued her the temporary ID to log into DVC...if she wasn't approved DVC wouldn't have her points loaded into the system yet and, thus, there wouldn't be any account for her to log into. I think she's good.

 

[rparmfamily]

If you have credit issues, Disney will sometimes come back with a higher interest rate and a larger deposit requirement. The waiting is tough, but you should hear fairly soon!

What my guide has told us in the past is they approval pretty much everyone, unless you are in active bankruptcy or something of that nature. They'll offer a higher rate, I think around 13% and a higher down payment. Though I think it sounds like you are good to go!

We purchased years ago, and this is what our guide told us when we were chatting about the approval process.

 

[disneynutz]

But, they've issued her the temporary ID to log into DVC...if she wasn't approved DVC wouldn't have her points loaded into the system yet and, thus, there wouldn't be any account for her to log into. I think she's good.

She probably is good, but when we purchased a couple of our BLT contracts, our DD wanted to finance. Our points were loaded, our contracts returned, and a reservation made, and we received a credit approval letter, reaffirming the interest rate and terms. The letter was received two or three weeks latter.

I thought that maybe Disney waits until the member is really emotionally committed, then they bump the rate.

I also know that it is easy for them to take back the points, and cancel the reservation.

Bill

 

[Tyronie]

I'm in a similar situation (credit-wise). I called on Thursday afternoon and gave the credit card deposit, etc. Today, I see the credit card charge has gone through. We already had a bought and paid for trip to WDW the end of July, so she said we'll get a DVC reservation instead - so she took down our preference and she said she'd see what "magic" could be worked once our member number was in the system.

Now, after reading this my concern develops I haven't received any email (though maybe it's too soon?) and don't want to cancel my POR reservations for check 30JUL if indeed there is a problem...

 

[disneynutz]

The only problem would be if the credit department decided to increase your interest rate due to your credit score. Disney wants to do business with everyone, they just use a poor credit score to make some extra money.

If you should default on your loan, Disney just takes your points back and sells them to someone else. There is very little work involved for Disney and no risk.

Bill

 

[aceys_h0ney]

I'm in a similar situation (credit-wise). I called on Thursday afternoon and gave the credit card deposit, etc. Today, I see the credit card charge has gone through. We already had a bought and paid for trip to WDW the end of July, so she said we'll get a DVC reservation instead - so she took down our preference and she said she'd see what "magic" could be worked once our member number was in the system.

Now, after reading this my concern develops I haven't received any email (though maybe it's too soon?) and don't want to cancel my POR reservations for check 30JUL if indeed there is a problem...

We are in a similar situation. We have reservations in Sept. I am going to go ahead and cancel those, as I have paid the room off and now have a lot of money tied up with Disney right now. So I will cancel mine and then if DVC falls through we will either get the reservation we have back or another one. We are prepared to have to move to a different resort if we have to re book. We are also going at a less busy time. I read some of the fine print in the contract last night, if you travel using points before you have closed and then the contract does not go through you will be responsible to pay for the room and a regular rate. However everything I read here says people are just asked for a higher deposit and higher interest, so if you know that if they come back asking for 20% more down you can cover that and don't mind the higher interest I don't see a huge risk in traveling before closing. Or you could just hang on to the POR reservation until you know for sure that you are approved on the terms that you want.

 

[LouisianaDisneyFan]

I would recommend that you call DVC administration and ask them directly about the approval process before you cancel your reservations. I don't want to embarrass anyone by mentioning a name and bringing up a past unpleasant experience, but they posted a similar question to yours recently... and were denied by Disney. I have also read of situations where the terms presented for approval were so cumbersome that the family had to decline. It's a new market with the economic downturn... even getting a mortgage is much more difficult. Disney's got a responsibility to their stockholders to uphold sound credit practices, so I am sure they have also tightened their approval a bit. I don't know your personal situation, and I don't know Disney's exact approval requirements, but they do. Give them a call and ask so that you know for sure before canceling your reservations.

 

[bumbershoot]

I would recommend that you call DVC administration and ask them directly about the approval process before you cancel your reservations. I don't want to embarrass anyone by mentioning a name and bringing up a past unpleasant experience, but they posted a similar question to yours recently... and were denied by Disney.

Hmm, I don't remember seeing posts about someone being denied (I remember a post by someone saying that they knew someone who said they had been denied, though), but rather that they'd been asked for more of a downpayment, and they CHOSE to decline. I personally wouldn't have made the decision, if I had the money to give them, because that's just less I have to pay in the future, but the decision I suppose felt right to them.

 

[Tyronie]

So I called per the advice and was told the credit department hadn't put any "flags" into our file, but that for assurance I'd need to talk to Member Accounting = will have to wait until a business day I know the definition of bad credit is increasing but my Equifax fico last week was 651, so we'll see...

 

[PoohNFriends]

We bought our original contract and add direct thru Disney a few months ago. Our add-on was at the Doorway to Dream event and an incentive for financing an add-on was Disney's preferred interest rate (10.75% vs 14.xx%). While the guide at Doorway to Dreams told us and our financing paperwork to sign listed our rate as 10.75%, and I wasn't worried about our financials I still wasn't going to 110% believe it until we got the official ok. We did not finance our original contract so prior to filling out the actual credit application, DVC had no idea what our financial situation was so how could they guarantee a lower rate?
Anways, a few weeks after sending in all the purchasing and financing documents we did get a letter from DVC stating our loan was approved at the lower rate. I would imagine if our financial info did not meet DVC's guidelines for preferred rates they would have resent the financial info to us to resign reflecting the higher rate .
Based on my experience with DVC financing and what PP's have said, aceys_h0ney and Tyronie, you have a very good chance of being approved but will probably not know if you need to put down a larger down payment or what rate you qualify for until you send in your credit application. DVC will load your points into your account up front, but those points are not 100% yours until clsoing. If you cancel your current reservations, but think you can get the same one back without paying more if DVC doesn't work out at this time then I would consider doing that. If your concerned you may not get the same reservation for the same or less rate then I would at least wait until you get your financial approval letter.

HTH and that it all made sense!

 

[mgroshans]

when we bought in (9/2008) at DWTD in Schaumburg, we gave them our SS #, filled out some paperwork and in less than 15 minutes, she came back and we were approved. The next weekend, we came back to officially do all the paperwork. We never got a letter from DD saying we were approved.
Any add on in the future, if financed thru Disney, you will get preferred financing-as long as you aren't or never were behind on your payments or dues.

 

[Tyronie]

Well I talked to QA today and they said that it can be back three ways: Approved-Preferred, Approved-Standard, or pending. He said that unless it comes back as pending that it is not reviewed by undewriting. So I explained about our vacation and my concern about them coming back and saying sorry the terms are different (or you can't have it at all) and he told me that won't happen unless it's pending (which it's not).

So with that I cancelled my cash reservation.

 

[tbjam01]

We tried to buy into the DVC in 2005. Our credit was not great but they cleared our initial deposit, said we were approved then came back later wanting a larger deposit and charging a higher interest rate. We did not really feel comfortable with that so we backed out. A year later we tried again and sailed right through on the original terms. We have been members now since 2006.
Good Luck!!