Pass/Fail Grading System: Impact on Job and Grad School Applications

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Hey everyone, I've got a bit of a question. I'm an Electrical Engineering major, in my second year. So I decided that it would be a fun challenge to take an upper division History class as an elective, and I'm taking it pass/fail (pass being >75%, fail being <75%). But, between other classes and a new internship, my grades in this class are beginning to slip. I was just wondering - how bad will an N (or "not satisfactory" = <75%) look when applying for a job/grad school? Thank you! Obviously I'm going to work my butt off to get the grade, but I just like to know the consequences of all possibly outcomes...anyways. Off to study.
 
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If you fail, generally you can try to make it up again and have the failing grade crossed off your record. Check with your school office though.
 
At my school, if you fail even if you retake the class and get an A that F is forever on your record mocking you every time you look at your transcripts :)

So don't fail the class if anything, drop it.
 
possibly drop the class? but you should go speak with your teacher, in person rather than via email if possible. Explain your situation, see if there's anything you can do to raise your grade, let him know you care and don't intend to fail, show him you are putting some effort into the class ( so go to classes, participate, turn in all your work even if it isn't top quality because you have been bogged down) don't give him the idea that you don't care about the class