topic Re: Lowest Known Score to Get Penfed PCR? in Credit Card Applications

Lowest Known Score to Get Penfed PCR?

daveg38 — Mon, 09 Nov 2020 11:25:10 GMT

Was wondering if anyone knows the lowest score to get into Penfed and get a PCR.

And are they using Fico 9 now?

Re: Lowest Known Score to Get Penfed PCR?

Anonymous — Mon, 09 Nov 2020 12:54:07 GMT

PenFed pulls EQ 9 for credit cards.

Re: Lowest Known Score to Get Penfed PCR?

AverageJoesCredit — Mon, 09 Nov 2020 12:22:13 GMT

They have approved people with fresh/ recent bks so ill say its a ymmv situation. Sure they like 700s but ive always found doesnt so m6ch care about ones score than whats in your profile like income and debt

Re: Lowest Known Score to Get Penfed PCR?

Anonymous — Mon, 09 Nov 2020 12:57:28 GMT

I agree with average joe. I was 7 months post chapter 7 when i was approved. However, my EQ9 was a 725 and i have good income and no debt. I've seen people in the mid 600's on here get them and people with higher scores not. What are your current scores, negatives, accounts, etc?

Re: Lowest Known Score to Get Penfed PCR?

Howaboutthat — Tue, 10 Nov 2020 04:57:25 GMT

PenFed pulled equifax fico 9, my score was about 665 and my utilization was over 50% and I had recently financed a used car from them. SL of $7500.

Re: Lowest Known Score to Get Penfed PCR?

Anonymous — Thu, 12 Nov 2020 23:54:39 GMT

I was recently approved for a $5000 SL. I believe my score was 629. I am pretty sure my high income helped.

Re: Lowest Known Score to Get Penfed PCR?

Aim_High — Sun, 15 Nov 2020 23:27:12 GMT

@daveg38, knowing the general range of credit scores that were approved for a certain card or lender can be helpful. But the lowest approved score may or may not be predictive in other approvals since there are so many factors a lender looks at besides the raw score. Other credit report information such as age of credit history, any derogatories, and existing credit exposure are all examples of additional credit file information that could be used to make a decison. Then combine this with non-credit report variables like income and debts and it gets even more complicated. So regardless of the answers you get, I encourage you to use them with caution and consider how the total picture between profiles may vary.

I would chime in with score information for you on my approval but my profile was towards the higher end so my data points would not be helpful in this situation.

Good luck in your pursuit of the Power Cash Rewards, though! It's a great card and I recommend it!

Re: Lowest Known Score to Get Penfed PCR?

daveg38 — Mon, 16 Nov 2020 12:05:04 GMT

I guess it just wasn't meant to be for me right now, even though I would qualify for the 2% based on membership.

I applied for the PCR. Initially denied at a 632 Fico 9, citing a serious delinquency (newest is 3.5 years old) and "too few accounts paid as agreed" (American Express has yet to report my AU to Equifax; when they do, that's 9 months of history I will have. Same with my FPB card).

So I recon'd. They asked for my last two year's tax returns. I sent them.

The next day, they didn't give me an answer on the recon - they simply resent the initial denial letter. Guess their recons aren't really "recons" if they simply take new information and give you the same denial reason. Spent two inquiries for that nonsense - my only two EQ inquiries.

Re: Lowest Known Score to Get Penfed PCR?

Aim_High — Mon, 16 Nov 2020 19:05:11 GMT

@daveg38 wrote:
I guess it just wasn't meant to be for me right now, even though I would qualify for the 2% based on membership. I applied for the PCR. Initially denied at a 632 Fico 9, citing a serious delinquency (newest is 3.5 years old) and "too few accounts paid as agreed" (American Express has yet to report my AU to Equifax; when they do, that's 9 months of history I will have. Same with my FPB card). So I recon'd. They asked for my last two year's tax returns. I sent them. The next day, they didn't give me an answer on the recon - they simply resent the initial denial letter. Guess their recons aren't really "recons" if they simply take new information and give you the same denial reason. Spent two inquiries for that nonsense - my only two EQ inquiries.

Sorry to hear of the denial and unsuccessful recon, @daveg38, but thanks for updating us on the status and giving the community the data points. Even in good economic times, I've heard that PenFed can be a little picky and difficult to break into for some profiles. The economic downturn with the pandemic may have made them more gunshy. I would encourage you not to give up on them as they may even send you offers in the future as your scores improve and derogs age away. Since you bothered to take the HP for membership anyway, having accounts with them could be your foot-in-the-door to later success. Their banking products are very competive.

I'm not sure what other cards and lenders you have but there are quite a few other 2% or even 1.5% cards out there that might be easier to get and would still give you a solid base cash back option. On the 2% cash back cards, my impression is that the Synchrony Paypal Cashback Mastercard may be the easiest to get. I've enjoyed my Capital One Quicksilver (1.5%) and Capital One is easier to be approved by than PenFed.

Re: Lowest Known Score to Get Penfed PCR?

dragontears — Mon, 16 Nov 2020 19:10:53 GMT

@daveg38 wrote:
I guess it just wasn't meant to be for me right now, even though I would qualify for the 2% based on membership.

I applied for the PCR. Initially denied at a 632 Fico 9, citing a serious delinquency (newest is 3.5 years old) and "too few accounts paid as agreed" (American Express has yet to report my AU to Equifax; when they do, that's 9 months of history I will have. Same with my FPB card).

So I recon'd. They asked for my last two year's tax returns. I sent them.

The next day, they didn't give me an answer on the recon - they simply resent the initial denial letter. Guess their recons aren't really "recons" if they simply take new information and give you the same denial reason. Spent two inquiries for that nonsense - my only two EQ inquiries.

Sorry about the denial, just wanted to point out that with Amex AU you will not be getting the history of the account, it will report as "opened" when you were added....

Re: Lowest Known Score to Get Penfed PCR?

daveg38 — Mon, 16 Nov 2020 20:02:02 GMT

@dragontears wrote:
@daveg38 wrote:
I guess it just wasn't meant to be for me right now, even though I would qualify for the 2% based on membership.

I applied for the PCR. Initially denied at a 632 Fico 9, citing a serious delinquency (newest is 3.5 years old) and "too few accounts paid as agreed" (American Express has yet to report my AU to Equifax; when they do, that's 9 months of history I will have. Same with my FPB card).

So I recon'd. They asked for my last two year's tax returns. I sent them.

The next day, they didn't give me an answer on the recon - they simply resent the initial denial letter. Guess their recons aren't really "recons" if they simply take new information and give you the same denial reason. Spent two inquiries for that nonsense - my only two EQ inquiries.
Sorry about the denial, just wanted to point out that with Amex AU you will not be getting the history of the account, it will report as "opened" when you were added....

On Experian, I am getting all of my payment history and his.

Re: Lowest Known Score to Get Penfed PCR?

daveg38 — Mon, 16 Nov 2020 20:04:41 GMT

@Aim_High wrote:
My impression is that the Synchrony Paypal Cashback Mastercard may be the easiest to get. I've enjoyed my Capital One Quicksilver (1.5%) and Capital One is easier to be approved by than PenFed.

Paypal, perhaps.

Capital One, well, I just paid my chargeoff with them, and it still says that I cannot apply yet because my previous usage was not consistent with what Capital One expects, yada yada.