Effect of "new" FICO range on CC apps

[App_Addict]

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@Anonymous wrote:

I went from "Not Good" to "Fair." (Current scores in sig.) I know it means nothing, but I like.

If my credit score were weather, a "fair" day would be preferable to a "not good" one ANY DAY OF THE YEAR! 

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I thought I was the only one that held my head up a little higher when I saw fair instead of NOT GOOD! 

[SunriseEarth]

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@lhcole77 wrote:

Logged in this morning and noticed my 737 FICO went from being "Very Good" to "Good". Another member noticed scores in the 775 range went from "Great" to "Very Good".

Question: What impact, if any, might this have on apps? I know these are good scores and have netted good results, but I'm curious to know if these classifications tend to sway lenders one way or the other. Will a score that, two days ago was viewed as "Very Good" and is now viewed as "Good"--according to myFICO--have an impact on terms, starting CL, etc.?

Full Disclosure: There is a post in "Understanding FICO scoring" regarding this change. I wanted to bring topic up here for more exposure and to be app specific.

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I believe the terminology has been adjusted to more accurately reflect credit standards.   In and of itself, I don't think calling a 737 FICO score "good" as opposed to "very good" has much bearing on the app process.   However, it may reflect the rise of average credit scores as the economy improves.     So does it reflect a higher standard for credit approval?   Perhaps.    

[Imperfectfuture]

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@SunriseEarth wrote:

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@lhcole77 wrote:

Logged in this morning and noticed my 737 FICO went from being "Very Good" to "Good". Another member noticed scores in the 775 range went from "Great" to "Very Good".

Question: What impact, if any, might this have on apps? I know these are good scores and have netted good results, but I'm curious to know if these classifications tend to sway lenders one way or the other. Will a score that, two days ago was viewed as "Very Good" and is now viewed as "Good"--according to myFICO--have an impact on terms, starting CL, etc.?

Full Disclosure: There is a post in "Understanding FICO scoring" regarding this change. I wanted to bring topic up here for more exposure and to be app specific.

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I believe the terminology has been adjusted to more accurately reflect credit standards.   In and of itself, I don't think calling a 737 FICO score "good" as opposed to "very good" has much bearing on the app process.   However, it may reflect the rise of average credit scores as the economy improves.     So does it reflect a higher standard for credit approval?   Perhaps.    

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Cute, Um, signature there.

[SunriseEarth]

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@Imperfectfuture wrote:

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@SunriseEarth wrote:

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@lhcole77 wrote:

Logged in this morning and noticed my 737 FICO went from being "Very Good" to "Good". Another member noticed scores in the 775 range went from "Great" to "Very Good".

Question: What impact, if any, might this have on apps? I know these are good scores and have netted good results, but I'm curious to know if these classifications tend to sway lenders one way or the other. Will a score that, two days ago was viewed as "Very Good" and is now viewed as "Good"--according to myFICO--have an impact on terms, starting CL, etc.?

Full Disclosure: There is a post in "Understanding FICO scoring" regarding this change. I wanted to bring topic up here for more exposure and to be app specific.

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I believe the terminology has been adjusted to more accurately reflect credit standards.   In and of itself, I don't think calling a 737 FICO score "good" as opposed to "very good" has much bearing on the app process.   However, it may reflect the rise of average credit scores as the economy improves.     So does it reflect a higher standard for credit approval?   Perhaps.    

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Cute, Um, signature there.

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Haha...thank you!

[lhcole77]

Good feedback, everyone. Thanks. 

[Anonymous]

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@Anonymous wrote:

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@scorewatcher7 wrote:

Where does 'great' start now? 800?

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800 is the starting point now for what was once was 'Great' but now it's 'Exceptional'

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Thank you sooooooooooo much Irish80 for your post. I have been trying to figure out what value is/was associated with "Great" which is now "Exceptional" for a few weeks. I must not have been using the correct "key" words because up until now, I had not been able to find it. 

[TheGardner]

Might be a reflection of the overall economy and % of people in that range

[Anonymous]

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@lhcole77 wrote:

Logged in this morning and noticed my 737 FICO went from being "Very Good" to "Good". Another member noticed scores in the 775 range went from "Great" to "Very Good".

Question: What impact, if any, might this have on apps? I know these are good scores and have netted good results, but I'm curious to know if these classifications tend to sway lenders one way or the other. Will a score that, two days ago was viewed as "Very Good" and is now viewed as "Good"--according to myFICO--have an impact on terms, starting CL, etc.?

Full Disclosure: There is a post in "Understanding FICO scoring" regarding this change. I wanted to bring topic up here for more exposure and to be app specific.

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Thank you for making this post. I had not noticed the change in the names of the different categories. I was concerned only with the values changing. Obviously, I need to pay better attention to things. I learn something new every day on myFICO.

[Anonymous]

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@Anonymous wrote:

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@lhcole77 wrote:

Logged in this morning and noticed my 737 FICO went from being "Very Good" to "Good". Another member noticed scores in the 775 range went from "Great" to "Very Good".

Question: What impact, if any, might this have on apps? I know these are good scores and have netted good results, but I'm curious to know if these classifications tend to sway lenders one way or the other. Will a score that, two days ago was viewed as "Very Good" and is now viewed as "Good"--according to myFICO--have an impact on terms, starting CL, etc.?

Full Disclosure: There is a post in "Understanding FICO scoring" regarding this change. I wanted to bring topic up here for more exposure and to be app specific.

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The times, they are a changing?

My feelings on it is, a score is just a score and the profile that makes up the score is what truly matters.

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I agree!

[Anonymous]

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@Anonymous wrote:

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@lhcole77 wrote:

Logged in this morning and noticed my 737 FICO went from being "Very Good" to "Good". Another member noticed scores in the 775 range went from "Great" to "Very Good".

Question: What impact, if any, might this have on apps? I know these are good scores and have netted good results, but I'm curious to know if these classifications tend to sway lenders one way or the other. Will a score that, two days ago was viewed as "Very Good" and is now viewed as "Good"--according to myFICO--have an impact on terms, starting CL, etc.?

Full Disclosure: There is a post in "Understanding FICO scoring" regarding this change. I wanted to bring topic up here for more exposure and to be app specific.

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My guess is that it's just an internal change at MYFico and their definitions.  In my case they changed 'Excellent' to 'Exceptional".  Ok, but so what? I think potential creditors are more interested in what's in your file than how MyFico defines your score. I doubt that they even see that classification.  AFAIK, there was no change in the score range which would have more of an effect.

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I agree!