Might not be a member no more

[LakeAriel]

Could there be other reason's besides financial Disney would turn down a contract? Just a thought.

 

[Wendy1953]

or....could this just be that a 22 year old doesn't have the credit rating he thinks he has, and is wasting all of our time with replies? I give him the benefit of the doubt, and say he needs to check his credit ratings elsewhere, and also see if someone's stolen his identity, and then after all that comes out clean........check with Disney again to insist they check his credit again...using all of the correct, current info for him.

 

[vascubaguy]

Ok ok... no need to be harsh and judgemental...

Credit is a funny thing and I couldn't tell you what algorithm is used to determine credit scores in the US, much less in Canada. So who knows how those scores translate over here.

When you check it out with DVC and get some solid info about what's going on and if you have any other options with them, let us know.

If that doesn't work and you can't secure some other form of financing, there's always the resale market. Save up for a few months and buy a small resale contract, etc....

Good luck!

 

[bavaria]

Based on your profile and your frequent DL trips, I am thinking that you may live in my neck of the woods - the very expensive woods, the most expensive woods in Canada... Just a guess, I could be wrong!

I agree with Vascubaguy - go for a small resale of 25 to 40 points, then you can add on later (in person). Remember, since DVC is only licensed in Ontario, if you live in another province you can't add on via telephone.

 

[disneycrazed139]

Get your free credit report here or go to experian, equifax, or transunion web site. Get all of them. See what they say and what your scores are. Make sure Disney doesn't have you confused with someone else and that there has been no identy theft, as mentioned. After you collect your scores and information, you will be in a better position.

https://www.annualcreditreport.com/cra/index.jsp

The other thing I was thinking...is it possible that Disney is so inundated with applications that they are beginning to turn people away now? Could this be a switch in policies?

 

[CharlesTD]

Based on your profile and your frequent DL trips, I am thinking that you may live in my neck of the woods - the very expensive woods, the most expensive woods in Canada... Just a guess, I could be wrong!

I agree with Vascubaguy - go for a small resale of 25 to 40 points, then you can add on later (in person). Remember, since DVC is only licensed in Ontario, if you live in another province you can't add on via telephone.

It must be BC which is the second most expensive place to live behind Toronto if memory serves but it is very beautiful. Keep trying DLG I am sure things will work out for you.

 

[owtrbnks]

This is what I am thinking too.

I wish you the best of luck on becoming a DVC Owner . . . but I think we're only getting half the story here.

 

[Caskbill]

Get your free credit report here or go to experian, equifax, or transunion web site. Get all of them. See what they say and what your scores are. Make sure Disney doesn't have you confused with someone else and that there has been no identy theft, as mentioned. After you collect your scores and information, you will be in a better position.

https://www.annualcreditreport.com/cra/index.jsp

The other thing I was thinking...is it possible that Disney is so inundated with applications that they are beginning to turn people away now? Could this be a switch in policies?

I don't know if the annual credit report, mandated by congress, applies to non-US citizens. I guess he could try, but not having a US Social Security number could be a problem. Of course, even if not eligible for the free reports, he can always pay for one.

Curious, do any Canadians know if the big three do credit scores for Canadians also, or are there Canadian Credit Reporting Agencies that do it 'up North'.

 

[pirateparrot]

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

One thing you mention is that you have a credit card and "pay bills" and rent. It may very well be that only your credit card is reporting to the credit bureau or maybe it is not getting on your credit record. You may talk to them about offering other non-traditional credit references like who you rent from and maybe from utility companies. These creditors rarely report positive credit and will only report if you default on an obligation.

 

[bavaria]

It must be BC which is the second most expensive place to live behind Toronto if memory serves but it is very beautiful. Keep trying DLG I am sure things will work out for you.

I think that part of the Wet Coast has beat out Toronto, from what I hear! (not that I am there much anymore). I brought that up because rent is so high and that takes a much greater portion of net pay than in a lot of other parts of the continent.

I don't know if the annual credit report, mandated by congress, applies to non-US citizens. I guess he could try, but not having a US Social Security number could be a problem. Of course, even if not eligible for the free reports, he can always pay for one.

Curious, do any Canadians know if the big three do credit scores for Canadians also, or are there Canadian Credit Reporting Agencies that do it 'up North'.

There are similar agencies in Canada for obtaining credit scores.

 

[lizziepooh]

Does Disney have a minimum income that they will consider for financing? Possibly being single and 22, your income doesn't meet their minimum. I agree that you need to talk to your guide to get a total explaination of why you were denied.

 

[DisneylandGuy22]

Ok I found out some answers after finally getting ahold of my Guide in California at like 6pm my time (5pm there), we talked for about an hour as I explained to him what the Finance department had told me and I guess she had called him as well earlier today and left a msg.

From the information that financing has is not enough to justify a loan for me for the total ammount of the DVC (150 point purchase). Plus I dont have any credit in the states or a Social Security Number. Even though I have 1 credit card they said isnt enough right now for them to make the loan.

They also said that if I pay 50% downpayment they might be able to work something out with me. I also have to prove me income and a letter from my current employer stating how long I have been there and the salary I recieve.

Things now are making sense and I understand whats goin on. Things were unclear before and I wasnt sure what to think

They gave me an option as well as I can get a refund of the downpayment I allready paid when I bought in on Sept 12th with half cash and rest going back on my credit card.

So I have till monday to decide what I want to do and let them know. I can understand that they dont want to take a finanical risk with me and give me that big of a loan at my age.

Thanks to everyone for their comments. I also requested a credit score from the credit reporting agency.

I hope to be welcomed home soon

 

[beezerdave]

Glad you finally got some responses. I sincerely hope it all works out for you. Hopefully you can do the 50% down with some help from your bank. Good luck!

 

[dianeschlicht]

I too was going to suggest a possible identity theft. If you know your credit score, and you think you should not have been turned down, you need to look into this further. I have never heard of anyone being turned down for credit from DVC. Usually they will ask for more money down, but the don't just turn people away, unless you are under 18.

 

[RAD]

Just an FYI, you mentioned that you have a credit card that you pay off every month. Don't know how the credit scoring works in Canada but down here they look at what your credit limit is vs. what the balance is at the end of the month. They don't take into account that you paid the balance in full every month, so if you have a card with a $1,000 limit for example and you rack a monthly balance of $900 it doesn't matter that it's all paid off before the next bill, they just think that you've maxed out your credit card.

As others have said, if you were turned down for credit, you are to get a letter saying why you were turned down and what credit buearu they used for the report (at least in the US). You can then call and get a free credit report, and if you pay a bit more you can get your credit score to see what they're seeing. Good luck, hope things work out.

 

[dianeschlicht]

Many require you to be 25 to stay, others have different requirements. This requirement would not apply to buying but I don't know what they'd do if one bought and was less than 25. DVC doesn't have a minimum age requirement for stays other than legal age and I suspect the same is true for purchases.

Dean, they allow anyone 18 and older on the contract.

 

[simpilotswife]

Glad you finally got some answers. Good Luck!!

 

[LakeAriel]

They also said that if I pay 50% downpayment they might be able to work something out with me. I also have to prove me income and a letter from my current employer stating how long I have been there and the salary I recieve.

Didn't you ALREADY have a background check, which would have included proof of employment and income?????
Still more to be heard........

 

[chris1gill]

We financed our first set of points years back... We only had to supply the name of our employer & our salary... we never had to provide anything in writing & Disney never checked... so the fact that they are asking for that written documentation isn't a real big surprise to me... I think Disney's position makes sense from their standpoint. The fact that the OP was wreckless, getting too many cards he couldn't pay for doesn't seem to play into the equation for him... that's too bad that they don't consider that, but they don't...

Glad you finally got some Answers from Disney & hope you can work it all out... and, by law they cannot keep your deposit if you don't go through with the purchase as a result of their financial decision...

 

[LakeAriel]

If you supplied a social security number they can easily check your employment record/income and you will never be the wiser. I can't see any business not checking income before financing a loan of nearly $15,000.