I sort of had the opposite problem. I can speak for applying for my Masters because when I applied for doctoral school, it was at the same school that I got my Masters at... so obviously they knew what school I went to.
But anyway, I went to a complete no-name, state of NY, school. They provided me with a great foundation, but unfortunately, if you are not from the area, you most likely haven't heard of the school. It is also a "school in transition," I guess-- which is a nice way of saying that the roof leaked when it rained, the professors' offices were in bad condition, and the campus consisted of one building (aside from the dorm building). I loved it.
They were in the process of doing a lot for the school, and the undergrad psychology program provided me with three research methods courses, stats, and an internship.
After graduating from this school, I was accepted to all three Masters programs that I applied for. At this point, I really had no CV because I hadn't done anything. I had no work experience that was related to psychology because I applied while I was still in undergrad.
Like dd123 said, it really comes down to your CV. When I did apply to doctoral school, I had very good grades, but terrible standardized test scores. However, I had a good amount of experience in the field, and since I was applying to a psychodynamic school, I highlighted my knowledge and experience with psychodynamic theories/therapy.
I agree that it has more to do with the educational and career goals that you have in mind. That way, when you pick a school to apply to, you can highlight certain things about you that fit really well with the school.