Standard Pending Question

njdisneyfreak

DIS Veteran
Joined
Jun 21, 2006
Messages
1,505
We just got back from WDW and went through the DVC tour. We went knowing that we wanted to check it out, and that we wanted to buy into AKL. We also knew that our credit isn't the greatest. We have no defaults or anything, but we're still paying things off.

When we filled out the paperwork for financing, we got standard pending, and were told we would find out shortly if it was approved. We were there later in the day of this past Saturday. They already got the good faith deposit out of our account. Today, we got all of our paperwork, membership stuff, DVC tote bag and were confused. We weren't sure if this meant we were approved.

My DH called the Credit Review people to see if we had been approved, who said that once the documents were sent back, they would check everything over and see if we were fully approved. However, once my DH got home and reviewed everything, it didn't make sense that we were signing all of this paperwork making it official, with nothing mentioned that it's pending, and then have them later tell us that it may not be approved. So, my DH called the number you're supposed to call to say you received the documents, and a Quality Assurance person called back. She explained how all the documents worked and after my DH spoke to her about our confusion, she assured him that we have been approved. She said we wouldn't have received all of our stuff, if we weren't.

Has anyone else gone through this? Should we be excited to now be offical DVC members or wait for further confirmation once they get the paperwork in the next few days and the full deposit at the end of this month?
 
Even with less than stellar credit, Disney should approve you. At the most, they have in the past asked for a higher downpayment in some cases.. Since they hold the control with booking your points, it behooves them to be more lenient in their standards.

So, that being said, I think you should be EXCITED!! :yay:
 
Even with less than stellar credit, Disney should approve you. At the most, they have in the past asked for a higher downpayment in some cases.. Since they hold the control with booking your points, it behooves them to be more lenient in their standards.

So, that being said, I think you should be EXCITED!! :yay:

Thank you! Okay. . .I'm excited now!!! :woohoo: :banana: :woohoo: I was afraid to get excited, but you made me feel better.
 
I have never heard of anyone not being approved. When we received our loan paper work we were told to just sign it and draw a line through the questions. We did and we got the loan.
 

I have never heard of anyone not being approved. When we received our loan paper work we were told to just sign it and draw a line through the questions. We did and we got the loan.

You weren't required to provide any information? Was that because you put a lot down up front?
 
There is no risk for Disney. If you default on the loan, they take the points back and resell them. If you are late making payments, they cancel your reservations and freeze your account until you pay up.
 
There is no risk for Disney. If you default on the loan, they take the points back and resell them. If you are late making payments, they cancel your reservations and freeze your account until you pay up.

Makes sense. Can you tell that I desperately want to be thrilled about being DVC owners? I think I'll stop worrying now and enjoy it. Thank you for your replies. :goodvibes
 
Welcome Home, njdisneyfreak!

Sign the paperwork and send it in, you should have no issues.
 
Welcome Home, njdisneyfreak!

Sign the paperwork and send it in, you should have no issues.

Thanks! We have signed everything, but the part that needs notarizing and we're taking care of that tomorrow. Then, it's all on its way. :banana:

Does anyone know how long after you send the paperwork that you hear back from anyone? This is all so exciting. :cool1:
 
Is it true that nobody gets disapproved? Has anyone else heard of this?
I've seen one or two reports of people not being approved but as noted, the risk is minimal to DVC, mostly the costs associated with the paperwork and the like. I do recall a number of people asked to provide a larger down payment like 20% instead of 10%.
 
I've seen one or two reports of people not being approved but as noted, the risk is minimal to DVC, mostly the costs associated with the paperwork and the like. I do recall a number of people asked to provide a larger down payment like 20% instead of 10%.

Hey Dean do you remember the 18 yr old who posted here who was turned down. DVC was going to be his first credit. They told him that he needed to get some typw of credi I *think* for 6 months and then try again.
 
Hey Dean do you remember the 18 yr old who posted here who was turned down. DVC was going to be his first credit. They told him that he needed to get some typw of credi I *think* for 6 months and then try again.
I do recall it but not any specifics, I would expect them to deny the loan in that situation.
 
We were told they approve nearly everyone (except like an active bankruptcy,etc) just at a higher % and more $ down.

WELCOME HOME!!!!!!!!
 
We were told they approve nearly everyone (except like an active bankruptcy,etc) just at a higher % and more $ down.

WELCOME HOME!!!!!!!!

That's good to hear and thanks for the welcome! :goodvibes

We understand the higher percentage, and we plan to pay it off sooner, in that case. We just hope they don't come back and ask for much more than ten percent down. Ten percent is very do-able and we could do more, if needed, but not a crazy amount. That's the only part that has me worried.

Our guide contacted us yesterday and left a message that our paperwork was received and being reviewed by the credit person, and that at most, the credit person might call back to ask a few questions. He also said we should hear back from her or from him (the guide) before the end of the week. So, we'll see.

I'm anxious to know for sure. Can you tell we want to be DVC owners?
 











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