Might not be a member no more

[DisneylandGuy22]

Hello everyone, I have some sad news to report. DVC just called me and told me that they cant finance me and I will be loosing my DVC membership and next 50 years of vacations. I thought disney was supposed to help people and plan vacations and I even thought they wanted us to be members but I dont see them trying to help very much.

I buy Annual Passes, I share the magic with my friends and family, I buy the merchandise, I buy the food in the parks and I stay in their hotels and this is the thanks I get?

I dont think their is much disney magic left in me now after that phone call.

Anyone have any ideas?

Thanks

 

[Chuck S]

Disney rarely denies credit, so I am assuming the circumstances of your debt/income ratio is exteme or there is some awfully poor history somewhere. If that is the case, I don't see how you could really put the "blame" on Disney. I really don't have any options to offer except maybe have your parents or someone co-sign.

It is a sad situation, but in todays world, our credit ratings are everything. Maybe you could save up even more $$$ for down payment, or eventually pay cash. You could also see about buying a resale from a reputable broker, but you'd have to provide your own financing.

 

[Dean]

I agree with Chuck. Maybe you could buy a smaller package resale using cash. You could then have points transferred in or buy more points later as you get the cash saved up. That way you''d get access to the discounts and other benefits.

 

[vascubaguy]

I too agree with Chuck. You might could contact DVC and speak with the person that reviewed your application to see if they can tell you what kept you from getting financed, or if you could pay a larger downpayment and that allow you to be approved.

Since DVC financing is secured based on the deed, they have much lower criteria for offering financing, so there must be something on your credit report that threw some red flags. If that's the case, you might need to get a copy of your credit report and review that information and challenge any discrepencies.

Where you financing for 10 years and paying a 20% downpayment (with the incentive)?

 

[DisneylandGuy22]

I just called them back and told them whats going on, I have never been in the red before and my credit isnt bad at all, its actually almost the best you can get. I pay bills like everyone else plus I have a credit card that has been paid off every month in full. I have a stable job that could pay off the timeshare in less than 2 years in full. My Contract is for for less than 10 years and anyways Id have it paid off in like 2 years or less.

It seems they dont want to help me become a member but rather chase me away and give me excuses. I have spent in the last 14 months probably $10,000 in disney vacations out of my own money.

I dunno what to do right now.

Anyone know an e-mail address so I can voice my oppinion to disney

Thanks

 

[vascubaguy]

I just called them back and told them whats going on, I have never been in the red before and my credit isnt bad at all, its actually almost the best you can get. I pay bills like everyone else plus I have a credit card that has been paid off every month in full. I have a stable job that could pay off the timeshare in less than 2 years in full. My Contract is for for less than 10 years and anyways Id have it paid off in like 2 years or less.

It seems they dont want to help me become a member but rather chase me away and give me excuses. I have spent in the last 14 months probably $10,000 in disney vacations out of my own money.

I dunno what to do right now.

Anyone know an e-mail address so I can voice my oppinion to disney

Thanks

I find it a little suprising that they didn't mention extending the number of years on the financing. You could get it for 10 years, but there's no pre-payment penalty so you could still pay it off in 2 years.

Who's giving the run-around? Your guide or the financing department?

 

[DisneylandGuy22]

Well, I havent been able to get ahold of my guide in over a week, he wont return my calls. Plus the financing department isnt much help. If I didnt have the money or couldnt afford this I wouldnt have signed up.

And another thing is they cant give me a refund on my downpayment as its past the 15 day mark for refund.

I think this is alot of BS. Are they discriminating becuase of my age or where im from? Would they think because im young I cant afford this or wont pay it off?

Im not sure what to do about this anymore....

Where is the magic when people really need it?

 

[RoutemanDan]

Something isn't making sense here. What reason did they give you for denying you credit? They must have given you a reason,they didn't just tell you we don't want you.

 

[Happy Birthday Cat]

A lot of what is being said doesn't make a lot of sense. If they turn you down for credit, they can't keep your deposit. There has to be a lot more to this story.

HBC

 

[NMW]

Did they tell you WHY your application for credit was being rejected? Did they offer any suggestions to help get it through, for example doing a larger down payment? It does seem odd that you would be denied credit if your credit is good, or even fair. What reason did they give you? Knowing this would help me to give you better suggestions. Good luck.

 

[Anewman]

It seems they dont want to help me become a member but rather chase me away and give me excuses.

If you share the "excuses" that they gave you it could shed some light.

 

[DisneylandGuy22]

What the lady said on the phone was that I had no credit, Which I dont undestand as I have a credit card, I pay bills and all that other stuff like rent.

I can prove how much money I make via my Full time job and my exspenses, what more do they want? I just dont understand anymore. I thought buying into DVC was good and they want me comin back every year?

 

[Rence]

If you are denied credit, they have to tell you why by law. However I believe that this notification is required to be in writing. So you will receive something informing you why you were turned down.

When you say you are calling DVC - are you calling the credit department or your guide? Your guide has a vested interest in you purchasing (they make comission off your sale) so he/she will probably be the most helpful.

Almost no one gets turned down for DVC financing. The loan is secured (you don't pay, they take back your points) so it is a safe bet for Disney to finance even rickier consumers. In the past some folks have been asked for a higher down payment (even as high as 50%) but few are declined.

Possibilities:
1) The short term loan raised your debt ratio too high. A higher down payment or longer loan term would fix this.

2) Your credit isn't as good as you think it is. I have friends who think they have great credit because they pay their bills etc, but don't really realize how often they make late payments, go over credit limits etc.

3) There are serious problems on your credit report - There are mistakes, incorrect entires or even worse, a case of identity theft.

I would highly recommend that you immediately get copies of your credit reports from the three credit reporting agencies and review them carefully. You may find that you have had more credit mishaps than you thought or more seriously you may find some major errors that need to be corrected.

 

[melanie18]

How long have you worked full-time? That could also be a factor. If you have not worked there long and you don't have "established" credit, like a mortgage or a car loan or something along those lines, they may feel it's too big a risk.

 

[bavaria]

You mentioned 'where you are from'. Are you recently arrived in the US? I have a long history of good credit from several countries, but got turned down for a Disney Visa since I simply haven't had enough credit established in the US.

I am building my credit history for the US market by some prudent financial decisions, and by opening certain accounts. I had to do that each time I moved to a new country.

Hope that things work out for you.

 

[DisneyMommyMichelle]

Soemtimes you don't have ENOUGH credit with just a CC bill and such. I am in the same NO CREDIT boat and it's worse than having bad credit i swear! Try and open up at least another credit card and pay it off right away, like a department store card and such that's what my mortgage company told my DH for me to do. it stinks, but if that's not it, then there has to be more to the story. My Dh has not so pretty credit and got approved for financing through DVC, we have yet to take them up on the offer as we thought a house would be first

 

[barbarabee]

You also mention you are young. It's quite possible that while your credit so far may be good, you do not have an established history of credit. This is a very important aspect of your credit card. Also, low credit limits on credit cards, or smaller "department store" and "gas" credit cards do not add much to your overall score.

 

[RobDoc]

In another post you mentioned something about "once my downpayment is paid off"- so it sounds like you had to borrow to pay the downpayment? That could really affect your credit rating too- did you let Disney know that you were borrowing the downpayment or did they discover it while doing a credit check. All of those issues can affect your credit.

Regardless, they cannot/will not keep your downpayment if they decline your financing, so that won't be a problem. It sounds like there are some pieces missing from the story at this point. I'd sure call them back and follow up. This has nothing at all to do with them wanting to help you plan vacations and everything to do with sound business practice. As noted several times in this thread, DVC is not in the habit of declining credit- this is the first time I can recall on this forum- so there must be some extenuating circumstances omitted from this thread

Good luck!

 

[Dean]

I just called them back and told them whats going on, I have never been in the red before and my credit isnt bad at all, its actually almost the best you can get. I pay bills like everyone else plus I have a credit card that has been paid off every month in full. I have a stable job that could pay off the timeshare in less than 2 years in full. My Contract is for for less than 10 years and anyways Id have it paid off in like 2 years or less.

It seems they dont want to help me become a member but rather chase me away and give me excuses. I have spent in the last 14 months probably $10,000 in disney vacations out of my own money.

I dunno what to do right now.

Anyone know an e-mail address so I can voice my oppinion to disney

Thanks

I agree things just don't make sense. DVC has been notoriously easy on financing issues. You have to have a real problem for them to deny you. It may be there are inaccuracies that can be cleared up. I would also agree there's more to good credit than just paying your bills and a number of good questions have already been raised. They will refund your deposit but it will likely take a while and if done by a CC, will be credited to the CC likely taking a month or two.

You should talk to your guide or a supervisor if you can't get in touch with that person. You could also talk with the accounting department.

 

[JodyTG]

There is one other thing that no one else mentioned that may make your credit not as good as you thought. You said that you pay your credit card off every month. This is actually the wrong thing to do. You have to prove that you can carry a balance responsibly to gain credit. Charge something up to 20% of your credit limit. Then for a couple of months pay the minimum payment or a bit more, but don't pay off the balance. Then, pay off the balance. Keep doing this and your credit ranking will rise. I know that this is playing with the numbers but it's the way that this works.