1) Avoid joint accounts at all costs. Joint accounts are nothing but a headache. Once you make an account joint the only was you can get out of it is to close the account.
2) PenFed only considers individual applications and only looks at individual income.
3) PenFed is not going to like you much with $50K in CC debt. In the current economic climate not many CCC's are. PenFed is pretty conservative. You might do better with BofA. You might also do better after you pay down some of that debt.
4) With a $45K income, a 670+ FICO, no recent new credit and no recent baddies your wife can probably obtain a $5K to $10K CL with them. Get the Platinum Cash Rewards card, treat it as a pif account. It is not their lowest APR card. The rewards are good but nullified if you carry a balance. Once you get the card you must pay for all gasoline and groceries with it to get the maximum benefit of the rewards.
Be prepared to prove anything you put down on a PenFed app. I did not have to and I have a $10K CL and my SO did not have to - she was instantly approved for a $10K and a $35K/4.5% auto loan that she did not ask for. But many have had to document their app, so be ready.
PedFed is great. Excellent CSR's available 24 hrs. a day. I am very happy them and have other accounts with them. If she joined in the last 60 days she may as well apply for whatever credit products she wants - they already pulled a hard inquiry.
