Let me here what you have to say

[Nikisha421]

Okay so I am really new to DVC.

Anyway, I paid my deposit 10% for 160 points at AKV. I paid with cash/debit, the point is i didnt have to put it on a credit card.

I purchased direct through DVC becausethe incentives were great, or so I thought, 160 points from 2007 (which are not developer points) I can use them as I would like, bank, transfer, whatever. October UY. Developer credit of $1,280.

My closing date would have been this past Sunday March 16th; however, 2 weeks ago someone from DVC calls me and says that I have to give a thirty percent deposit or they would not be able to finance the rest of the deal and they needed proof of income.

Okay , I work, so I have proof of income, no big deal

The only good thing is that she says hey I will give me 30 days to make a decision (April 2, 2008) and if not we will return the money.

So here are some details;

a---the thirty percent deposit would be equal to subtract my intial 10% deposit and subtract the developer credit, so I only have to give 13% percent more to make a 30% total deposit

b---I already have two ressies book one @ SSR for May and another with DD in August @ AKV. So if i didnt go through with the purchase I would lose my ressies even if I wanted to book rack rates I problably would have no chance of getting my SSR room back for a May trip.

c---we already have plan tickets for the SSR ressie, would totally lose all that money. I would lose this money since I would have to give my vacation up and not be able to get ressies for the weekend which I had originally planned. so the money that i shelled out for my airline tickets are nonrefundable.

d---i could afford the monthly payments with no problem

e---I would have to use a credit card to pay the additional money ($2048).

f---the economy is taking a nose dive and i am scared.

my question is should i pay the extra money to hold on to my reservations?

WHAT SHOULD I DO? I AM JUST LOOKING FOR THE HONEST OPINION FROM PEOPLE I DONT KNOW. NO STRINGS ATTACHED. AND MY FEELINGS DO GET HURT EASILY.

THANKS GUYS I NEED SOME PIXIE DUST

 

[Nftysqrt]

Can I ask why they wanted a 30% deposit now? Was it after you had signed everything?

 

[Melrosgirl]

I'm not sure as I didn't finance DVC, but I'm wondering if the first loan you applied for (which only required 10% down) didn't approve you or something like that and now to be financed through another source, they want 30% down?

 

[Nikisha421]

i signed everything and sent it back i called my guide to ask if everything was alright he said that everything was AOK and so i booked tickets.

they lady said she was was from the accounting department and was looking over my credit report and noted that i had a charge off from 1998 though the situation was cleared(this was back from my college days...my first credit card i believed and becasue of that they wanted a least risk factor on their part (thats my guest) because with the additional money it they loan would not take 10 years to pay off but 8+ years

 

[dianeschlicht]

We have often heard that DVC would ask for a larger down payment if they thought there was a credit risk. I've never actually heard of them doing it before though. I had a little difficulty understanding your first post (I'm guessing you weren't an English major), but it seemed fairly straight forward to me that they are merely asking for a larger deposit. What I wasn't sure of from your post is if you would still have to wait to be approved, or if the 30% down would make your approval a sure thing.

 

[Nikisha421]

We have often heard that DVC would ask for a larger down payment if they thought there was a credit risk. I've never actually heard of them doing it before though. I had a little difficulty understanding your first post (I'm guessing you weren't an English major),.

actually i was a double major in history and social studies education, but yeah the additional money would solidify the deal.

 

[Donald is #1]

I am confused on b. Why would you loose your reservations?

 

[disneynutz]

The change was credit related, when the finance team was processing your paperwork a red flag went up. When was the last time you checked your credit report?

There's not much you can do. You can discuss the problem with finance to make sure that there isn't a mistake. They are within their rights to require an additional down payment and you have the right to not pay it, get a refund, and walk away from the deal.

Good luck.

 

[tomcat]

I agree. There was something on your credit report that made you a higher risk. What's your FICO score? Is your interest rate the same as before?

I dont understand what plan tickets you would lose. Dining? Passes?
If you choose not to buy DVC, you wouldnt go to WDW at all?

 

[mikeandkarla]

I think it was a typo for "plane".

 

[Caskbill]

Are you aware of www.AnnualCreditReport.Com?

By law, you are entitled to review your credit reports from the three major credit reporting agencies. This is totally free and does not require you to purchase anything (unlike FreeCreditReport.com does wherein you are automatically enrolled into a monthly monitoring service. The report is 'free' only if you cancel within 7-days!).

Using AnnualCreditReport.com, you do not get your actual FICO score, but you do get a full report of your credit history.

By law, you can request your report from each, once a year.

You can look at those reports and see what may have triggered DVC's red flag. If you find errors in your credit report, you can submit forms to have the errors corrected.

 

[Nikisha421]

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?

 

[Nikisha421]

it was a typo for plane

my question is should i pay the extra money to hold on to my reservations?

 

[rantnnravin]

only you know how secure your job is and whether the credit card charge would be a financial hardship.

As far as the plane tickets are concerned, are you able to reschedule? - there may be a nominal fee, but it's likely quite a bit less than the addt'l. $2000

it sounds to me that if you're concerned about the economy, then perhaps 2 trips to WDW this year, DVC or not, would not be in your best interest, as so many other costs are incurred.

I also just checked CRO and found a 1-bdrm available at SSR for a 5-night stay over Memorial Day weekend, so any other days in May really shouldn't be a problem.

 

[dianeschlicht]

it was a typo for plane

my question is should i pay the extra money to hold on to my reservations?

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.

 

[Caskbill]

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?

Just trying to be helpful in answering your question. So here's some information:

1. Disney wants 30% down payment. This is due to your credit rating. Your FICO score would be the first thing they checked.

2. FICO scores are calculated approximately by the following percentages:

35% - Payment History
30% - Amounts currently owed
15% - Length of Credit History
10% - Requests for new credit
10% - Types of credit in use

3. Your charge-off from 5-years ago, while not good, is not the major impact on your current FICO score.

Bottom Line: If you charge another $2000 to a credit card, that will further lower your FICO score.

Just FYI

 

[dianeschlicht]

Okay so I am really new to DVC.

Anyway, I paid my deposit 10% for 160 points at AKV. I paid with cash/debit, the point is i didnt have to put it on a credit card.

I purchased direct through DVC becausethe incentives were great, or so I thought, 160 points from 2007 (which are not developer points) I can use them as I would like, bank, transfer, whatever. October UY. Developer credit of $1,280.

My closing date would have been this past Sunday March 16th; however, 2 weeks ago someone from DVC calls me and says that I have to give a thirty percent deposit or they would not be able to finance the rest of the deal and they needed proof of income.

Okay , I work, so I have proof of income, no big deal

The only good thing is that she says hey I will give me 30 days to make a decision (April 2, 2008) and if not we will return the money.

So here are some details;

a---the thirty percent deposit would be equal to subtract my intial 10% deposit and subtract the developer credit, so I only have to give 13% percent more to make a 30% total deposit

b---I already have two ressies book one @ SSR for May and another with DD in August @ AKV. So if i didnt go through with the purchase I would lose my ressies even if I wanted to book rack rates I problably would have no chance of getting my SSR room back for a May trip.

c---we already have plan tickets for the SSR ressie, would totally lose all that money. I would lose this money since I would have to give my vacation up and not be able to get ressies for the weekend which I had originally planned. so the money that i shelled out for my airline tickets are nonrefundable.

d---i could afford the monthly payments with no problem

e---I would have to use a credit card to pay the additional money ($2048).

f---the economy is taking a nose dive and i am scared.

my question is should i pay the extra money to hold on to my reservations?

WHAT SHOULD I DO? I AM JUST LOOKING FOR THE HONEST OPINION FROM PEOPLE I DONT KNOW. NO STRINGS ATTACHED. AND MY FEELINGS DO GET HURT EASILY.

THANKS GUYS I NEED SOME PIXIE DUST

I'm confused. Are these the same points you purchased in January, or are you adding on?

 

[dianeschlicht]

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!!

 

[Newcastle]

...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!!

dianeschlicht, you are too cute (not to mention diplomatic)! And Caskbill, I have always found you to be exceedingly helpful!

 

[dianeschlicht]

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.