DVC Financing Question

[Disney8704]

Hey everyone. DH and I are about to buy DVC at AKV. Here is my question though. I know they look at your credit report, but does everyone get approved? Reason Im asking is because, I have good credit. However, DH has recently become a victim of identity theft, however, we did just pay off a loan we had been paying off for 2 yrs that was in his name. When they make the decision on weither to approve you for financing, what exactly do they look at? Do they look at how much you make, your credit report, etc? Has anyone been NOT approved for DVC? We have the money for down payment, so that is covered.

 

[disneynutz]

DVD's credit requirements changed when the credit meltdown hit. Approval is harder to come buy and the number not qualifying has increased. All you can do is try.

 

[simba20]

We finally got approved (started our buying process in September). I have a judgment on my credit report and after some explaination to the loan processor, and faxing the information that I did pay off a settlement offer that goes with the judgment, we were approved.

Prior to that however she did call us and offer us three options:
1) Put it solely in my husband's name.
2) Pay a larger down payment and have it in mine.
3) Fax the paperwork needed to prove the settlement and get approved.

It all worked out.

I always say that my husband and I don't have the best credit, but somehow we got approved. Maybe I'm underestimating us (although a quick application for a Kohl's CC just to save 15% at that time of purchase was turned down........odd, that was before we bought into the DVC)

 

[brandip22]

I have not yet heard of folks being turned down. However, I think that if the credit is not the best, they will approve you technically, but with stipulations as mentioned above. It's been 4 years, but we financed with a BK on our report. (FWIW, it was due to a business deal, but we had to file with our personal names.) We did put a 40% down payment though and financed the rest for 5 years. So, I think that the worse they will say/do is that you'd have to put more down or only in your name. Good luck and let us know how it turns out!

 

[jgus]

Something that I did find odd was that they checked our credit reports, but it does not show up as an account on our reports....

 

[thelionqueen]

Our guide told us that if you don't have a bankruptcy you will be approved. But since someone just posted that they got approved with a BK, not sure. Good luck!

 

[Disney8704]

Thanks for the replies everyone. Just to let you all know, I have gotten 2 referral names already by PM. So know one else has to send their referral info. We do not have bankruptcy. Infact we dont even own a house. We live on base housing and pay rent each month. The only thing I was fearing was DH identity theft problem. He was recently turned down for a line of credit through apple because of that reason. If we have to save up more money for a down-payment, that will be no problem. I much rather wait for a couple more month for a bigger down payment then not get approved at all. Is there anyway that we could apply now, just to see if we could get approved and find out what our down payment would be then sign up for it later if we need a bigger down payment? Thanks again everyone!

 

[thelionqueen]

YES you can! In fact, call your guide, ask them to check your credit for financing; they will give you an answer in minutes (or less) literally. I gave our guide our info. over the phone, he entered it as we spoke, and from the time he entered the last item until we got our approval was literally less than a minute. If you don't use the financing or do choose to use it, you will know regardless. There is not requirement to use the financing once approved.

 

[Carye]

I just made my purchase through Disney this week and they had no problems. My fiance is in credit counseling and I have a previous foreclosure, but we approved at 14.5%. The only thing they said would keep you from getting approved would be a fresh bankruptcy or a tax lien.