Let me here what you have to say

[dcamdad]

I just couldn't understand if this was from the points she purchased in January, how they could do this so much later. I'm still not certain I understand the question.

From what I get out of it she agreed to purchase 160 pts in January making a 10% downpayment with direct withdrawl and her credit has hit a snag before closing. Now they want additional 20% down due to her credit issues.

But I've been told I was wrong once before. She is now my ex

 

[Average Joe]

My opinion: If you do not have the cash for a down payment that is required you should not buy. A down payment is used to reduce risk. Placing a down payment on another loan or credit card transfers risk without reducing it any. However, if you have a really good credit card rate it may be worth it. If you can put the whole thing on a low interest credit card even better.


If you add up the payments and interest on a credit card with the DVC loan you may find that in the long run you will not be saving anything by buying in right now.

It sounds like you already know what you want to do. My advice is to use your past experiences to help your decision and do not rely on people who you do not know. Talk with family and friends who know more about your situation and get opinions from people who care about you.

I hope it all works out for you.

 

[Grandbuddy]

And I would advise them not to put themselves in a financial hole, even to purchase something as attractive as DVC. The costs you may incur for cancelling these trips pale in comparison to the costs you may incur if you go through with this purchase and are unable to handle the burden of your payments, and your annual fees - not to mention the additional expenses of taking the trips to use your points. The only thing I can't figure out is how you were able to make DVC reservations with points you haven't closed on yet .

Good luck. Look at all of this in as balanced a manner as you can. And none of us (I'm guessing) thinks you are an idiot. We have all been young, and have all wanted more than we can afford at one time or another.

 

[delmar411]

ok, from when we closed a hit a snag in the credit reports because of who they used it was reporting incorrect information. I knew about it already and I've been working on DH's report to get it cleaned up and reflecting reality. But they sent us a letter. No phone call. And when I called back they wouldn't speak to me about it because it was an issue w/ DH's report and not mine. They were very tight on security. The acctg department wasn't rude just being careful.

Just because I know my own score & circumstances, I find it very hard to believe that you have a good score or no outstanding major debts on there if they are asking for more money.

You first step needs to not be deciding about the extra down payment but figuring out what is wrong with your credit reports. I believe they use Experian to pull info from but you should check all 3.

 

[Nikisha421]

Only you can answer that question. You have to decide if the extra down payment money is possible for you to handle along with the monthly payments.

thanks a lot

 

[Nikisha421]

I just had another rather frieghtening thought! Are you SURE the call was from DVC? If you were to close already, could there have been something published publicly that could have triggered one of the "phishing" calls from people who try to get your personal info? I'm always skeptical with calls like the one you received, and I wont give out any information over the phone, but require them to send me something official either in writting or with a varified electronic signature.

Oh, and I would never ask "what type of idiot do you think i am?" on a DIS board, because for sure someone is going to answer that question!!

i thought that too especially since the call were going from 1-800#

 

[Nikisha421]

From what I get out of it she agreed to purchase 160 pts in January making a 10% downpayment with direct withdrawl and her credit has hit a snag before closing. Now they want additional 20% down due to her credit issues.

But I've been told I was wrong once before. She is now my ex

this is correct

 

[Nikisha421]

And I would advise them not to put themselves in a financial hole, even to purchase something as attractive as DVC. The costs you may incur for cancelling these trips pale in comparison to the costs you may incur if you go through with this purchase and are unable to handle the burden of your payments, and your annual fees - not to mention the additional expenses of taking the trips to use your points. The only thing I can't figure out is how you were able to make DVC reservations with points you haven't closed on yet .

Good luck. Look at all of this in as balanced a manner as you can. And none of us (I'm guessing) thinks you are an idiot. We have all been young, and have all wanted more than we can afford at one time or another.

thats cool i will

 

[Nikisha421]

ok, from when we closed a hit a snag in the credit reports because of who they used it was reporting incorrect information. I knew about it already and I've been working on DH's report to get it cleaned up and reflecting reality. But they sent us a letter. No phone call. And when I called back they wouldn't speak to me about it because it was an issue w/ DH's report and not mine. They were very tight on security. The acctg department wasn't rude just being careful.

Just because I know my own score & circumstances, I find it very hard to believe that you have a good score or no outstanding major debts on there if they are asking for more money.

You first step needs to not be deciding about the extra down payment but figuring out what is wrong with your credit reports. I believe they use Experian to pull info from but you should check all 3.

i never said i had a great score or great credit. what i do have is a fair score and fair credit. i already said i new what was on the report because i look at my report about once a day. i pay for free credit report.com so i know what the issue is since they were so okay a first and didnt have any complaints then i was fine. they then called from the accounting department and requested the additional money. so again the question is not necessarily for me about my credit since i am aware of all of its issues but more about the decision i should make with the down payment. cool

 

[4Pluto]

Maybe you could rent points this year to keep your airline reservations and your trip to a DVC resort without having to make a long term commitment. Or check out any discounts and meal plans they are offering for non-DVC resorts. If things feel more secure next year, there will be new incentives and if they're not good enough, you can check out the resale boards.

Good luck.

 

[Anjelica]

While I believe many can sympathize with your position I don't think those that offer the advice of do what you think is best are that far off base. Without knowing all your income and expenses its hard for anyone on the boards to make any judgement about YOU and YOUR financial situation.

My only advice is to take a look at whether you want to go forward with having to put 30% down and are comfortable with that. If not then it seems pretty cut and dry that you should back out of the deal.

If you put the additional 2000+ on credit card what financial burden would be added to your expenses? Is that extra payment expense easily absorbed? Will the credit card you put this down payment on have high interest rate?

While I don't disagree with financing some portion of DVC it has to be somewhat smart financing. I don't agree with putting any rotating balances on high interest rate cards that you can't pay off immediately to finance DVC.

In the end put it all down on paper and make sure you feel comfortable with your decision. I wouldn't let the fact that you have two trips planned make that financial decision for you.

 

[Caskbill]

..... i pay for free credit report.com....

Are you aware that FreeCreditReport.com is a subsidary of Experian, and the score they report is actually their Experian "Plus Score". It is NOT your FICO score. Your true FICO score will be different than your "Plus Score".

The Credit bureaus have created their own formulas for creating their own "Credit Score", but it's reported that 90% of all banks use FICO scores, which is based on the formula developed in 1956 by Fair Issac.

FICO scores are actually calculated on information received from all three credit bureaus and is based on it's own formula, not the bureau's formulas.

Monitoring your score is an excellent thing to do. So many do not. But instead of using FreeCreditReport.com, I'd recommend you go to MyFICO.com and check out their packages. You can sign up for one of their 'free' trial run packages, and at least get your true FICO score and their report. To get it 'free' you have to cancel within 30 days or else they'll charge your CC. I think FreeCreditReport.com is the same.

I found some useful information on MSN Money: http://moneycentral.msn.com/content/Banking/Yourcreditrating/P136689.asp

You can also Google FICO and you'l find lots of information.

Hope you find this information useful. Whether to purchase DVC or not is of course your decision and I'm sure you'll weigh everything before making your final decision.

 

[Dean]

i know what my credit report looks like i look at it everyday i am not concerned about that i said in the original posting that i had a charge off about five years ago which still shows on my credit report

what type of idiot do you think i am?

my question was do you think I should pay the extra money on a credit card knowing that they economy is so bad?

Personally I wouldn't finance this type of purchase period so I'd say no. I'd rent or pay cash to use your plane tickets and save up the money. I think the reason people responded as they did is that our experience (from this and other boards) in the past with hundred's of postings about buying and credit is that a single charge off 5 years ago with no other flags is not enough to generate your outcome. There has to be something else on your report that is making them nervous. Bottom line though is that the ball is in your court, you'll have to decide.

 

[Nikisha421]

Are you aware that FreeCreditReport.com is a subsidary of Experian, and the score they report is actually their Experian "Plus Score". It is NOT your FICO score. Your true FICO score will be different than your "Plus Score".

The Credit bureaus have created their own formulas for creating their own "Credit Score", but it's reported that 90% of all banks use FICO scores, which is based on the formula developed in 1956 by Fair Issac.

FICO scores are actually calculated on information received from all three credit bureaus and is based on it's own formula, not the bureau's formulas.

Monitoring your score is an excellent thing to do. So many do not. But instead of using FreeCreditReport.com, I'd recommend you go to MyFICO.com and check out their packages. You can sign up for one of their 'free' trial run packages, and at least get your true FICO score and their report. To get it 'free' you have to cancel within 30 days or else they'll charge your CC. I think FreeCreditReport.com is the same.

I found some useful information on MSN Money: http://moneycentral.msn.com/content/Banking/Yourcreditrating/P136689.asp

You can also Google FICO and you'l find lots of information.

Hope you find this information useful. Whether to purchase DVC or not is of course your decision and I'm sure you'll weigh everything before making your final decision.

yeah i did know that and that the score was not a FICO score but the info was and is pretty. Youve been great!!!

 

[Nikisha421]

Personally I wouldn't finance this type of purchase period so I'd say no. I'd rent or pay cash to use your plane tickets and save up the money. I think the reason people responded as they did is that our experience (from this and other boards) in the past with hundred's of postings about buying and credit is that a single charge off 5 years ago with no other flags is not enough to generate your outcome. There has to be something else on your report that is making them nervous. Bottom line though is that the ball is in your court, you'll have to decide.

hey thats what they told me so thats how i am telling you. so there is actually no need for me to lie since none of you are really significant factors. i really just wanted to hear the voice of unknown people. and AGAIN I KNOW WHAT MY CREDIT REPORT LOOKS LIKE. AND I NEVER SAID IT WAS GREAT

 

[Dean]

hey thats what they told me so thats how i am telling you. so there is actually no need for me to lie since none of you are really significant factors. i really just wanted to hear the voice of unknown people. and AGAIN I KNOW WHAT MY CREDIT REPORT LOOKS LIKE. AND I NEVER SAID IT WAS GREAT

No one is saying you are lying, just that we would not expect a charge off 5 years ago to get DVC financing to react this way. I assume your confirming such but we don't really care to be honest, just trying to help since you posted. I think many of us were hoping that there was a mistake on your credit report that you could correct and not have to make the choice you are currently faced with. You did ask for honest opinions and I'd say you were correct when you said your feelings get hurt easily.

 

[disneyjunkie]

Wow, some of the replies here are a bit much.

Thank goodness the helpful DVCers out number the snooty members.

 

[Nikisha421]

it was just a question and i have a headache now to be honest. i wish the topic could DIE!!!

its not that serious

no there isnt a mistake. life is what it is. i am not that bent out of shape about my credit report or them asking for more.

everyone here seems to have put a spin on things. i never said i couldnt afford to buy in to DVC i gave my situation and asked a question which was do you think it would be okay to put the extra money on a credit card.

which seemed to me like a yes or no situation.

ps i have a job that can pay for all of this which is why i can actually afford to go ahead with the purchase.

might i add that life is different for everyone.

but anyway lets just let this thing GO.

thanks for all of the help i found it interesting to see and here the repsonses of the masses.

see you a DISNEY...smoochies

 

[Dean]

Nikisha, we do hope it works out for you. One last thing to think about with the CC and situation you're in. IF you have a low rate CC and are counting on that, they can and do at times raise the interest rate to the max based on your credit alone even without a single missed or late payment. Thus you might put down $4000 or so on a CC and see your interest go from 6% to 24% or so, whatever the max is for your card.

 

[howardlee2]

Nikisha,

my only concern with your situation is putting the extra money on your credit card. a rule that was engrained in me as a child was NEVER charge what i couldn't pay off in full by the due date. if it would help you, i might be able to rent you points for your res that you have booked plane tix for until you are able to figure out your situation. it would be foolish to complete the purchase just because you have plane tix for your first res!