Credit Supplement??

Anonymous · ‎05-28-2012

Confused about what exactly is a credit supplement. I have two credit cards that are NOT reporting to my credit reports. Bank relates that they will do a credit supplement, but relate that it will not effect my scores. Will these cards now start reporting monthly?

llecs · ‎05-28-2012

How long have the cards been open? Do you have any other open accounts on your CRs?

Anonymous · ‎05-29-2012

I have other tradelines reporting. I have about 5 cards. One of the cards that is not reporting is Amex Blue and I have had that card since 2003.

llecs · ‎05-29-2012

Bumping for others....

I'm not a mortgage guru by any means and I don't know what they mean by "credit supplement". I would have guessed that it was for those with a limited history and/or lack of a FICO reporting. One of the requirements for a FICO is that you have to have at least one opened, undisputed account reporting regularly and at least 6 months old. If you have 5 cards, and three are reporting for at least a half-year, then that blows my thought out of the water. I can see the need by lenders to ask for further info if you have a credit history under a couple of years, but that's a YMMV per lender.

What is the lender asking for with regards to this supplement? Did they describe it to you?

I'd call up Amex per the reporting.

techgirl · ‎05-29-2012

I just found this on another thread: here - Dallas Loan Guy says:

one thing about this business is that some terms can have different meaning from company to company.

but, likely, this means that the u/w wants an account updated/verified on the credit report. so, whatever service company the lender uses to pull credit will get the account updated to:

- bring it up to date

- prove it is really paid or is really as a result of a much older account

- clear up any confusion about the account, ect

a lot of times, this is just a formality and for the file. not always a deal killer

05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721

Anonymous · ‎05-30-2012

I had a credit supplement done two weeks ago and for us it was essentially a rapid rescore.They wanted to update some balances and verify that two student loans were not duplicates. I think when a LO orders an update it is a rapid rescore but when the lender does it, it is a credit supplement.