They will report, I had one with them. And always try to be on time with your payment. They are real SOBs when it comes to giving you a break or anything to do with customer service. I hate them and was real happy when I was able to refinance with better credit to get away from them.
Interestingly, we have great credit, a good rate and always pay on time. When they bought us from the bank we did our mortgage from, a mortgage broker I know said they are more of a prime co. Don't know if that's true.
Refinance NOW... Homecomings is terrible! Here are some stories: http://forums.baddealings.com/searc...id=18524&sortby=lastpost&sortorder=descending
Re: Re: Homecomings Thanks for the info. I will read up on it. I just DID refi and they bought it from the bank that I did the refi with.....not my choice. However, most people do not have problems with mortgage or credit card companies when they pay on time. Just my experience. My brother in law says every bank in town has screwed him and he can't get a checking account. Makes one wonder.
Re: Re: Homecomings You could always be 30 days late. Then for sure they would report right away. lol .
Re: Re: Re: Homecomings Yep - but the thing to watch for is that they hold payments when they can get away with it. It may take a week or two or more for them to process it after you mail it. Even their speed draft usually takes a few days to post. Also - don't sign up for auto-draft since many people have reported them doing double drafts, or adding erroneous fees and drafting the greater amount w/o notifying you. I'm with them right now (hoping to get away soon) and we've resorted to paying the speed draft fee every month so at least we have proof of when it was processed in their system...
Re: Re: Re: Re: Homecomings It's an electronic check that you call in on the phone and it clears your account a few days later, but they charge a fee to do it.
Re: Re: Re: Re: Re: Homecomings A lot of mortgage companies don't report unless you are late. It cost money most of the time to report positive info, but negativess are free. One of the advantages of this is if you rent you can say you are a homeowner and most CC believe you.
Re: Re: Homecomings You know they are free for a fact? It's expensive you are right to report my good tenants, but it does cost me $8 per name to report my bad payors. It's definitely a conspiracy.
Re: Re: Homecomings I looked at getting set up with Experian for my business and the rep told me that reporting negatives are free, but positives cost a fee. You need 500 accounts to be able to have the ability to report positive info and only 1 account to report negatives. In my opinion, this proves that the CRA's are in favor of negative info.
Re: Re: Homecomings My understanding is that a lot of mortgage companies will not report if you pay on time. They do not want other mortgage companies to offer better deals if they see a great payment history on your credit report. They will report if you pay late, they would be more than happy to sell an underperforming loan.
Re: Re: Re: Homecomings See.....conspiracy theory......"let's keep bad credit bad, make good - bad!" Are you from jamaica???
Re: Re: Re: Homecomings Amy, No...I'm not from Jamaica, but I think I know why you are asking. Is it becuase of my screen name? Here's the story...I'm a plain ole white guy. I lived and worked in the US Virgin Islands for a while and one of the locals I worked with would always greet me as Bigmon or General. I thought it would be a cool screen name.
It is a fun name! I couldn't resist giving you a hard time. Seems like we are runnin in the same threads! lol
