From what I can tell, your utilization with your new card having 0 balance is 8.5%, so you don't need any more credit to help your score. I guess it is just up to how you feel about it. Since thats your highest limit card, I know I would be tempted to app for another similar card. It's a good feeling when you get a card with a starting CL higher than any other CL in your wallet.
How long did it take before you were approved ? It's been 60 hours for me and nothing from them despite two phone calls and 1 email. I'm starting to think they stink and are overhyped.
FILO, good things are worth waiting for - PenFed is extremely conservative and careful about whom they approve, and for what - the fact that your app is still pending to me suggests you aren't an automatic 'no'. I got my denial within about 36 hours, both on my original app and on trying to recon my first denial.
_____________________________________________________________________________ It's never too late to become the person you might have been. ~George Eliot