Effect of "new" FICO range on CC apps

lhcole77 · ‎01-30-2015

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.

Anonymous · ‎01-30-2015

@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.

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.

Anonymous · ‎01-30-2015

@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.

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.

scorewatcher7 · ‎01-30-2015

I clicked so quickly to 'ask the community' that I didn't even see that they changed the categorization of scores... Glad I saw this post.

In all seriousness, the score is what matters- not how they define it. One man's passion is another man's poison, but the item is the same thing. It hits your (mine, too) ego a little bit to be 'downgraded', but you shouldn't sweat that fact because the score is exactly the same. Credit companies aren't asking myFico for a written recommendation... Don't worry about it. Sucks though, I just went from 'great' across the board to 'very good' and my scores are in the 790's. Nuts!

scorewatcher7 · ‎01-30-2015

Where does 'great' start now? 800?

Anonymous · ‎01-30-2015

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!

Anonymous · ‎01-30-2015

Fair is like a 40 degree day.

Anonymous · ‎01-30-2015

@scorewatcher7 wrote:
Where does 'great' start now? 800?

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

Anonymous · ‎01-30-2015

@Anonymous wrote:
@scorewatcher7 wrote:
Where does 'great' start now? 800?
800 is the starting point now for what was once was 'Great' but now it's 'Exceptional'

My EQ upgraded from Not good to Fair.

My EX, and TU stayed at Good. Hmpfh.

Anomalous · ‎01-30-2015

@Anonymous wrote:
Fair is like a 40 degree day.

Good running weather

Keep both your credit and your body in top shape!