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.
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.
