Might not be a member no more

[offtheice]

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

To be honest I am glad they are wanting more info from a non us person. With the crap thats going on with the terriost, it makes me feel good that disney is playing hardball with someone that doesnt have much US credit .

 

[chris1gill]

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.

I don't think the OP has a social security number as he is from Canada... I am not familiar with their system up there... so the fact they want to see something on paper doesn't necessarily surprise me, especially if the OP has no been at his job all that long.... you don't know the circumstance, better safe than sorry I guess is what Disney is thinking...

 

[CharlesTD]

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'.

Transunion and Equifax are the big ones here all others have spotty reporting at best.

 

[LakeAriel]

I don't think the OP has a social security number as he is from Canada... I am not familiar with their system up there... so the fact they want to see something on paper doesn't necessarily surprise me, especially if the OP has no been at his job all that long.... you don't know the circumstance, better safe than sorry I guess is what Disney is thinking...

Doesn't surprise me at all, that's my point. It would have to be verifiable to grant that sort of loan.

 

[CharlesTD]

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.



There are similar agencies in Canada for obtaining credit scores.

I am not to sure what rent is like in BC anymore but I know I was offerd a promotion and a move to Toronto from where I am but the difference in pay wasn't going to compensate me enough for the difference in cost of living so we didn't go. I know that a decent place in TO can go for as much as 3K a month and to get downtown it is even higher. A girl I used to work with just got a teaching job in Brampton and moved to Etobicoke and for a 900SQft apartment she pays over 1500 a month rent.

 

[CharlesTD]

Doesn't surprise me at all, that's my point. It would have to be verifiable to grant that sort of loan.

We have a Social Insurance Number which is the same as your Social Security Number in the US with that you can obtain any and all info about the person.

 

[LakeAriel]

We have a Social Insurance Number which is the same as your Social Security Number in the US with that you can obtain any and all info about the person.

I figured that. Question would be, why wasn't this provided at time of purchase? Why would Disney just now be looking for proof of employment? I would think something didn't pan out.
As previously posted we are not hearing the whole story here....

 

[CharlesTD]

I figured that. Question would be, why wasn't this provided at time of purchase? Why would Disney just now be looking for proof of employment? I would think something didn't pan out.
As previously posted we are not hearing the whole story here....

Funny thing is none of our US credit even registers as more than an inquiry on our Canadian reports.

 

[spiceycat]

he is not a US citizen.

He has little credit.

he is 22 year olds.

would you give him a big loan?

Disney is trying. I don't know why Disney can't verify work. they generally can. maybe it is his type of work?

 

[Dom262]

As the OP has stated and several others have said also, it isn't a problem with him having bad credit. The problem is that he has a lack of credit history. He has his credit which is paid off monthly. If that is the case, there is no balance carried forward. Also, this is the only credit he has. Most financing companies will look at that and say that he has no credit, or not enough valid credit.

as you mentioned, either go with the 50% down or mayube go to your bank in Canada. Apply for a loan from them and work it that way. You may also be able to have you credit card limit raised and take care of it that way. The other option is to have someone co-sign with you.

Good luck in your endeavors.

 

[RAD]

he is not a US citizen.

He has little credit.

he is 22 year olds.

would you give him a big loan?

Disney is trying. I don't know why Disney can't verify work. they generally can. maybe it is his type of work?

Why not? He's making a down payment so DVC has some cash up front. Even if he defaults DVC takes the points back and resells them. It's not like he's purchasing a car which looses value as soon as it's driven off the lot.

 

[scottb8888]

Take out a loan from a local Bank etc. and pay cash for your DVC.

That's what I would suggest!

 

[Sarnia]

To be honest I am glad they are wanting more info from a non us person. With the crap thats going on with the terriost, it makes me feel good that disney is playing hardball with someone that doesnt have much US credit .

What an ill thought-out thing to say. Without visitors from outside the US Disney wouldn't survive. And i'm sure buying into DVC must be a major strategy of international terrorists

 

[spiceycat]

Why not? He's making a down payment so DVC has some cash up front. Even if he defaults DVC takes the points back and resells them. It's not like he's purchasing a car which looses value as soon as it's driven off the lot.

one of the big things (my opinion) is he is 22 years old.

secondly he is a male. I don't know why, but some timeshares in Orlando won't even consider selling to a single male. Single females don't have a problem.

might be a record of single males cancelling on them, when they returned home.

I would get a loan from MY bank and go the resale if I was him. Of course he might even then prefer SSR because of PI. but I think he would enjoy BWV more, even with the shorter years.

his bank is familiar with him and knows he will paid his bills.

At 22 he probably doesn't have a long work record or credit history. Not much for Disney to go on.

resale you have to get your own financing.

this is a mortgage folks, and you know they require more credit history than buying a car.

 

[Mickmse2002]

I don't believe this to be true. I have a background as a bank branch manager and am familiar with FICO credit scores. Personally, I have never paid 1 cent in interest in my entire life, have probably 8 credit cards which I use and pay off every month and have a 825 credit score.

Wow, you pay cash for your house and any cars you may own? That's unusual. It is exceedingly difficult to go through life without ever having paid 1 cent in interest. Not to mention that paying some interest can be very beneficial when it comes to tax time.

 

[snowbunny]

Without visitors from outside the US Disney wouldn't survive. And i'm sure buying into DVC must be a major strategy of international terrorists

Especially those Canadians...they must hate our freedoms too

 

[Geubux]

Actually, the whole thing sounds fishy, but not from Disney's viewpoint. You're denied credit so you are turned off to Disney? I don't hear you complaining about auto insurance, but single males pay more until they turn 27, because they are a driving risk. Financial institutions also look at age group risks. As some people have stated, if you pay off your charge cards each month, you don't really have a credit history. And a 22 year old male with 8 cc, what if you get your loan and max them all out? Where does disney stand in Canadian courts of bankruptcy? Nothing against you, but if feeding my family (ie, my job) depended on making good risk judgements, I may have to vote nay also.

 

[J and R's mom]

Ok I found out some answers....I hope to be welcomed home soon

I hope this all works out for you! I wish I would have bought at age 22 instead of 29.

I used to approve (or deny) credit for auto loans for a major US auto company. I, too, probably would have denied your loan application with only one credit card on your credit history. Without installment loans (like mortgages, student loans, auto loans, etc.,) on your credit report it's hard to prove that you're credit worthy. However, as the finance department said, if you increased the down payment (which decreases their risk) and were able to provide proof of income that would help OR if you have a really strong co-signer on the note that could help.

Look at it this way, though. If you can get this approved, then you will finally be getting established credit on your credit bureaus and most likely won't have near the difficulty the next time you apply for an installment type loan (i.e. a car or house).

Don't get too discouraged and best of luck! I look forward to welcoming you home.

 

[pbharris4]

Whatever you do, I hope it all works out for you. Maybe you should try to establish credit in the US as well. One thing I want to mention, if you have a common last name...check your credit regularly! We have a common last name. My DH and FIL have the same name, but different middle names. I swear, even though they both have impeccable credit (neither one has EVER had a 30 day late or anything else-not easy), but frequently things show up there that don't belong. Even though we've "fixed" it with the credit agencies, it just shows up again later. Even though it's all "good" it shows that a person has more debt than then do and therefore..can affect you getting a loan because they think you have too much debt. We've bought 3 houses in the last 10 years and refinanced, etc. and EVERY single time have had to correct the reports. We even get calls for people with totally different initals. So keep that in mind any time you apply for a loan or credit. Unless you have a unique last name..it can happen.

 

[RoyalCanadian]

As CharlesTD has already mentioned, Equifax and Transunion are the Canadian credit reporting agencies. Free credit reports are not the law in Canada -- but it's only $22 to get the credit history report and the credit score report. Transunion promotes itself as a "Canadian" company -- but the billing comes through as Transunion Delaware.

Now for the Canadian credit scoring. We don't have FICO scores in Canada -- it's called a Beacon score here -- but the maximum score is 900, the same as the US (as far as I understand -- mea culpa if I'm incorrect on this one.) The credit bureau report I received from Transunion seemed to go to great pains to explain that the Beacon score is not the same as a FICO score, that the algorithms are different, etc., etc. That said, I think it's safe to say they are fairly close to being the same thing. The mortgage broker I spoke with mentioned they don't talk to anyone with a score lower than 580. Apparently I was doing quite good with 721 and DW's is amazing at 812. She has had only ever had one credit card at a time her entire life -- and the credit card she has now is only the 2nd card she has ever had. She has never taken out a loan for any money in her entire life -- save for being on the mortgage with me. She has never paid credit card interest -- except for when I have forgotten to pay her credit card bill.

As already mentioned -- we have Social Insurance Numbers in Canada, in the format ### ### ###. By law, the Social Insurance Number cannot be required by those seeking to provide loans. It is not an identifier of Canadian citizenship. Nor can it be used as an identifier by any agency other than Canada Revenue Agency, the Canada Pension Plan (actuarially balanced for the next 75 years!!) and other government agencies which provide pension income such as Public Works & Government Services Canada. For the longest time, as a member of the Canadian Forces, we used our Social Insurance Number as our military service number. That practice was ended by the Department of National Defence in the early 1990s and military personnel were issued with service numbers. However, DND still had a record of our SINs so that they might submit taxes and I have refused to provide my Social Insurance Number to VISA, Mastercard, American Express and other similar agencies and still have received the requested credit -- or potential debt, as I've come to understand it. It must be supplied to employers and financial institutions in order that they might report taxes payable to the government and provide the individual with appropriate tax information slips.