You have a good profile. Penfed would have to be a fool to turn you down. I think Penfed's reputation doesn't reflect their current credit standards. A clean account without that many new accounts is all it takes. Even with all of my new accounts they haven't stopped offering me pre-approval's for various loans/credit cards.
One thing to think about is I believe Penfed allows you to transfer money from a credit card to your checking account via the website. It counts as a cash advance, but there are no fees with the Promise. Depending on the interest rate you are approved, the Promise could have a lower interest rate than the PLOC. Both are variable, no grace period (for cash advances). Someone can correct me if Penfed does not allow you to transfer directly from your CC to checking. I do not have any credit cards with Penfed.
Penfed has recently been running promos for several of the reward cards. Spend $1500 get $100 CB. I don't see the promos on the website, but you might want to search to see if they are still available. I think I threw a snail mail offer away last week.
