@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!
@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.
