Agree with jax, except for the "borderline with amex" part --that EXP score will get you just about anything, including a Blue, with no trouble.
If you want PenFed (EQ) and AmEx (EX), I'd do them first, as both get twitchy when they see lots of new account activity. And then don't go ape with more new cards (some are OK) and keep balances down, because both will soft you a month after approval to see what you're up to. In my experience, though, they aren't bothered by seeing new cards as long as you're handling them very well, as in util under 10%, if you have any at all.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007