maybe someone has a mortgage w/ them and can answer this question. Aproximately five months ago I took out a mortgage loan w/ them. Last week it finally started reporting to Exp. it is not reporting to the others. Question: will they report to all three or just Exp.? I really need the tradeline w TU. I have only 1 Tradeline therefore my score is only 585
They may or may not report to all 3. It depends on if they have contracts/agreements with all 3. The only way to find out is to call gmac and ask.
thats why I was hoping someone here has firsthand knowledge and could tell me. BTW I have called them and asked and all they told me was, they have already started reporting but the bureaus take a month or so to actually show it. Now that was not much help.
Typical answer. Call back, ask for their credit bureau dep't or the dep't that does the credit reporting, and talk to them. It helped me when citibank wasn't showing on experian. It magically appeared after I spoke with citi the 2nd time. Then it updated 3 times in 1 week. Go figure. BTW - I answered originally because no one else had.
I know lkh. I do appreciate the input. Is it true that once reported, the bureaus can actually fall a month or more behind? Also, will it hurt my fico since it is such a new account, that is another thing I am afraid of. I will say this though, I had no score w/ Exp. Now since it started reporting, they have given me a score of 550 which of course sucks.
Thanks Christy. My payment this month was considered late I guess b/c it was supposed to be there on the 15th but did not get there until the 17th. But I did call them beforehand and the girl told me that it was not a major thing. Of course that does not mean anything to me. I asked her to note my acct. that it was being overnighted.
Being past the grace period is not a major thing, but you will have to pay the late fee. What I meant as far as them being unforgiving is that I have 30 day lates from 1999. They will not, under any circumstances, remove it from my credit. I have sent several letters and emailed them through PFB.
well I had made a principal only payment on the 10th but of course that was not supposed to hit before my actual payment did. I just got behind and didn't send the payment in time.
Well y'all as sure as I asked y'all this, cw answered it, they sent me an e-mail says it was added today. Why on a Sunday? And why did my score not change? It was 630, still is, I thought for sure once my mortgage started reporting my score would go up. My hubby's cap1 tradeline started showing today also. Again why on a Sunday. But his score DID go up 20 pts.
The most likely answer is that the score hasn't updated yet. Probably tomorrow. A lot of times when I pull my score, it will say your score for 9/22/02 but when the actual score comes up, it says as of 9/21/02.
O.K. thanx, at first I thought that, but then like I said my hubby's score rose instantaniously. I guess the lady at GMAC was'nt b.s.ing me when she said the credit bureaus fall a month or more behind. She told me they started reporting it almost 2 months ago. I know you can't answer this for sure but do you think I'll get an increase in my score for this?
Well, the fact that it isn't brand new, meaning you have a couple of months behind you, would lessen the blow if you were to lose points. But I don't think you'll lose points like with a new cc. You'll probably see some sort of increase.
I have my mortgage with GMAC and yes they report to all 3. It took about three months for the mortgage to show up on my reports. I am currently refinancing with them. So far they've been great. No complaints.
Tnobles: I am wondering if you have any late pays or collections. You mentioned your scores were 585 and 550. I thought you could not be approved for a mortgae unless your scores were at least 620. I am just asking because I need to apply for a mortgage in January and would like to keep all options open. If you don't mind sharing what were your scores at the time you applied, how much was the loan approved for and how much did you have to put down. Of course if this is to personal please feel free to ignore this post. I am actively looking for a mortgage that will accept scores in the area of 595-610. Though by January I think I should be up to 620-650. Please advise.
No I do not mind you asking at all. Currently my scores are 630 585 550. at the time I took the mortgage out my scores were 550 564 I had no Exp. score. I was actually able to get a conforming loan at 6.5% it was only for 70% (but that was not b/c of my credit it was b/c of my income) BUt 70% was more than enough. Plus the loan originator was WONDERFUL he did some VERY creative work w/this one. My hubby bought and paid cash for the house about 12 years ago, took out a loan against it, he is self employed so all he could get was a balloon note. The bank kept renewing the loan over the years but then were bought out by a larger bank. The loan matured they foreclosed. I bought the house back at auction, for 70,000. But the house appraised at 2 times that amount. So the originator got me approved for a refinance. Everywhere that we went, the mortgage companys told us they could get loans done for anything over 500. But like I said this one guy was good. The others bailed when the going got tough. (trying to get a refi, since I had never been on the deed and so on. If we had done a purchase we would have had to put 20% down) Anyway, they did ALL tell me that they could get it done w/ anything over 500. BTW good luck. I have no doubt w/ those scores you'll be able to get whaat you'd like. Even though they may not be the best I think anything over 620 (when you go to a mortgage co. that is) is considered decent
