SSR -- anyone well-versed in Disney loans?

[disneycrazed139]

Hi, this is somewhat personal, but I am concerned about approval for Disney's financing. Here is the rundown...

I have very good to excellent credit. However, I have a recent blemish (collection) which was a $50.00 debt from when i was in college (1997) that for some reason is showing up in 2003 as though it is recent. It was quite a surprise to see.

I pay all my bills on time--always. Haven't missed a beat in 6 years.

I have credit card debt ($4,000)
I also have student loans, a private school loan for my son, and a car payment.

Any analysis of whether I might be turned down by Disney?

I have given my deposit. I know they will probably approve because my FICO is pretty good (over 700), but I can't help but to be anxious because of the recent blemish and lots of loans.

Any help, opinions?

BTW--Does anyone know which credit bureau they use?

 

[joepoe]

We got a Disney loan to purchase BWV in 1998. I think it was at 9% for 10 years. From what we've heard on these boards and elsewhere, it's pretty easy to qualify unless you are a real deadbeat. You sound just fine to me!

We have since switched to our Home Equity line of credit, so now with interest only payments it will NEVER be paid off.

 

[floridafam]

Do you happen to know what your debt to income ratio is?

I think that they look at this.

You don't have to answer the above question if you don't want to.

Gotta love those student loans

 

[Lisa F]

You might want to dispute the collections thing if you haven't already. I had something similar happen, paid off a $20 bill, got a bill years later from a collections agency for $100 ($80 in fees, $20 for the bill). I disputed it with the collections agency and they sold it to someone else. In the meantime I disputed the collections entry on my credit report and as I suspected, they could not verify the original debt. It's no longer on my credit report (and this was in 1995 so even if it DID stay on my credit report it would be gone) but I do get something every few months from a credit collection agency about it. Now they want over $300 for this supposed $20 original debt. I have a form letter I send out and as soon as I ask for verification of the original debt, the account gets sold off to yet another collection agency.

Anyway, our original dvc loan was taken out when this blemish still appeared on my credit report and they never so much as blinked (nor did they ask about it). I think DVC is one of the most lenient when it comes to giving out financing because they know they can just take back the points if you default.

Lisa

 

[floridafam]

I do not know what credit bureau they use.

I would also encourage disputing anything that doesn't look right on your credit report.

 

[disneycrazed139]

I have disputed it--several times over, and it is still there.

They just sell it, and sell it, and sell it. Completely ridiculous.

 

[JimC]

There is a difference between a credit reporting agency and a collection agency. You may need to consult an attorney to resolve the collection agency issue.

 

[MickeyCrazed]

Can't imagine you would have a problem getting the loan through Disney. The way I see it they are in a "Win, Win" situation.
They can easily charge 9% interest and if you default on the loan, they get the points back which they can resell.
I haven't heard about anyone having problems with their financing.
Relax....
Hoping to say "Welcome Home" very soon!

 

[zurgswife]

From other examples of in debtness (is that a word?) I've read on this boards and not so steller credit ratings....it sounds like disney is very easy to get credit from.....I mean think about it they really don't have very much to loose...you default they get the points back and resell them...