Really Nervous - Depressed (DVC Credit Approval)

[st92jmdc]

I am really nervous about the credit app for DVC. They just called my wife and asked if there was any missing pay. It doesn't look good. I am a systems admin making OK money. It just doesn't make any sense! I have paid off alot of my credit and I actually have good credit. I don't know what it could be.

What really hurts about this is that the only reason I re-fied my home was so that we could pay the downpayment (and a few CC bills). Now I have a feeling that this is not going to work out. What a bummer!

To top it all off, they told my DW that we probably won't find out until next week.

It's depressing.

Anyone else go through this type of agony?

 

[ErinC]

I don't know that I have ever heard of anyone being turned down for financing from DVC. I have however heard of them asking for a larger down payment from folks. I hope it works out for you.

 

[PamOKW]

If you were approved to refinance your home, I'm guessing you'll be approved for financing from DVC. They probably were checking the inconsistency between your paystub and your stated annual income. I've heard that sometimes commissions and other income that is not guaranteed aren't included when lenders are deciding whether to make a loan. They might base the decision on your actual income from your primary job. Also, the recent refinancing may raise a a question also -- that's a use of your credit, too.

It will probably take time for them to evaluate your application because it does have some differences from a standard request. And, as mentioned, they may ask for a larger down payment.

 

[robmary]

Hi,

We bought last year at SSR right after they started selling it in early Aug. We had just refinanced our house in June. Also, have several credit cards bills, because my husband was out of work for a year. Yes a whole year and he is a mechancial engineer. We used the cards to get by. They still approved us. Yes I was nervous, but again others said the same thing about them not approving people. If you have a good credit score, ours was and is ok then I would think there is no problem. Worse case they would have your money and points if something went wrong, so it's all to their advantage to let you finance.

 

[tjkraz]

Originally posted by st92jmdc
Anyone else go through this type of agony?

Yup.

When we bought DVC last fall, I had just left a job after 12 years and entered the self-employed world. Had no prior year tax returns showing self-employment income--at least nothing approaching my annual salary that had to be replaced. And, my wife has only worked part-time since our son was born in 2001--just a couple days per week to give our retired parents some time with our two kiddies.

In the end, we got approved with no problem. I guess DVC had a lot of faith in my earnings potential.

I wouldn't worry too much.

 

[brivers222]

I was the same way... not exactly moneywise but freakin' out wise.

My wife calmed me down A LOT! She said . ook at it through Disney's eyes. They are financing you "AIR" if you default they will basically get some money out of you (probably more than you would have paid in trips during the time you were in the club... Downpayment and annual dues) and 'if" you do default, they can immediately turn and lease your air to someone else. It seems they have little or no risk in accepting people. I think I will start a company and finance air for people

THis past year has hit the finances hard for us. We got married and paid for it 100%, bought 2 cars, a house, and furnature and appliances to furnish the house. Needless to say, our debt to income ratio is not the greatest right now. With the incentives offered and whatnot we put down just about 30%.

We got our approval letter for Disney Financing about a week after they received our papers.

Best of luck with the process, it is alway hard when you don't know. heck with your under the table jobs, you could even afford to put down a bigger downpayment to make the decision that much easier, right?!

 

[NewJerseyDVCMembers]

You'll eventually get approved... it may take a little time, but you will get approved. This whole situation will be great conversation while you are relaxing at a DVC resort, with the rest of us.

We don't think We are going out on a limb... So let Us be the first to say...

CONGRATULATIONS and WELCOME HOME!

 

[msdis]

Originally posted by st92jmdc
but the other 30 - 40 % of my income comes from under-the-table jobs that I do on the side.

 

[lenshanem]

I've read of people getting approved that had claimed bankruptcy. DVC had them pay a larger downpayment. What do they have to lose? I'm sure you'll be fine. It always is hard waiting for things like this. I remember being nervous, too, worried they didn't think we were rich enough. Silly!

Best of luck!

 

[Happy Birthday Cat]

Originally posted by st92jmdc
I am a systems admin making OK money on paper (W-2 etc..), but the other 30 - 40 % of my income comes from under-the-table jobs that I do on the side.

You will get approved eventually. You might have to put more money down but that's all. One other piece of advice: You may not want to post a statement like that on the internet for all to read. I'm sure you are just kidding anyway.

HBC

 

[Pa@okw95]

You will probably get approved but you might want to rethink DVC from your side. You should have plenty of disposable income to jump into a DVC purchase. If you have any credit card debt that is not paid off, that is has a remaining balance after you make your monthly payment then you may want to reconsider. I hope you did not tell them you get paid under the table. Like one said they may be having a problem with your income statement. In some areas it is against the law to make false statements on loan applications. They may be looking very close at your income, if they can not find your income, then they be concerned about the whole application. They could reject it if it looks not truthful. I suspect that your income may be the problem, or they may just ask you for a big down-payment. If you do not have the cash, I would suggest you wait and do not use a credit card for a cash advance. You can always rent points here, it is a best deal I have ever seen, people here give away their points.

 

[MAGICinMYHEART]

st92jmdc,

Sending

PIXIE DUST
Hope everything goes well.

 

[st92jmdc]

Originally posted by Happy Birthday Cat
You may not want to post a statement like that on the internet for all to read. I'm sure you are just kidding anyway.
HBC

What Statement?

Thank you all for your replies. Your votes of encouragement and the pixie dust may just do the trick in calming me down.

Waiting is the hardest part. I don't think I was this nervous when we bought our home 5 years ago. It's just the agony of waiting that makes this so hard.

I thought about a few things before bed (as my DW told me to stop thinking about it) - that the fact that I re-fied just 3.5 weeks ago may be the amjor issue here. I paid off and CLOSED out 5 creditors - Darned store credits are SO outrageuous these days. We are down to having 2 cards open (very little balance), the NEW mortgage and the autoloan). I don't think that the closed credit cards are showing up as paid and closed in the credit report. If this is the case, I may just wait a month or so until the credit report balances out my debt to income ratio. I just have to wait and see.

Again thanks!

 

[pumpkinboy]

As a credit geek, by profession, I can tell you that closing credit accounts can actually hurt your credit score . Nevertheless, I will concur with other posters here, that if there is any kind of doubt in the minds of my fellow credit geeks at DVD, they will simply ask for a larger downpayment.

Also repeating what has already been said here: in the unlikely event that you default on the DVC loan, it is secured by your points, which can easily be taken back (foreclosed) by the mgmt company and sold off for full price, making DVD whole in the end. When a credit is totally secured by a high value asset like DVC points, the credit applicant gets cut a lot more slack.

Good luck!

 

[Cruelladeville]

I am sure you will be approved eventually. My daughter bought DVC with her loser of a husband(now ex) who had declared bankrupsy. They asked for 20% down, and to take his name OFF the deed, then they approved HER. Of course, since he is now an ex, Disney did her a favor, and her DVC didn't have to be part of the joint property settlement.

 

[Coach Rick]

Funny thing. I noticed my disney loan does not appear on my credit report, which stinks, cause it's always paid on time. This leads me to believe what many have eluded to, and that is DVC loans are not looked at conventionally. I am sure if it went to default it would show up though.

 

[Happy Birthday Cat]

Originally posted by st92jmdc
What Statement?

Thank you all for your replies. Your votes of encouragement and the pixie dust may just do the trick in calming me down.

Sorry, I thought I saw something that wasn't ever there. Oh well. Must have been someone else.

Good luck.

HBC