Navy Federal Flagship Rewards Credit Card pre-approval $5000 CL, with charge off?

[visualfxpro]

So after hearing great things about Navy Federal cards on this forum AND being a VERY happy member of NF(been discussing mortgage), I decided to call and inquire. My interest in their card was I heard they are good with CLIs. So a good card to build up a big limit, which means you don't have to be so nevervous about watching this card like a hawk to hit your credit because you let $500 report to credit agencies or something. My cards are $500 -$1000 limit on unsecured, so you have to pay CLOSE attention as all it takes is ONE dinner with the $500 card at the wrong time, to hurt your credit.

Also, as a future home owner, would be nice to have a card to buy expensive items or pay for repairs.

So guy could not give me much details about what it takes to qualify other than "Good Credit". Then he says I can prequalify and it's a soft pull AND he could tell me what all cards I qualify for. So I said go for it! He came back in 2 minutes saying I qualify for all their cards. Flagship card he said has minimum of $5k CL.

So some facts:

My TU just hit 717 a day ago. EQ 671. Those are Credit Karma scores though. Experian says 645 FICO8.
My 5 cards are all $0, except $50 on my highest limit of $3000 card which is secured.
My highest unsecured limit is $1000

Income >$170k

$5300 charge off from 6 years ago.

Now, I wonder if the charge off does not show in soft pull. If so, if I apply I might get rejected. Anyway, I'm going to pause for now and wait for mortgage application in March. Then I'll apply and let you know what happens. I'm going to be calling the credit card company I had charge off with to see what my options are as well, so may not even be an issue.

The card looks like a REALLY good card! I love the faster check in at airport, 40k bonus points, and general rewards system.

Rewards

• 3X points on travel3
• 2X points on everything else
• Receive statement credits (up to $100) for Global Entry or TSA Pre✓®4

[coldfusion]

A soft pull provides the same information as a hard pull.  The only difference is that the existence of a soft pull is only known to you, the CRA, and the entity that performed the soft pull whereas the hard pull is visible to anyone who legitimately pulls the credit report.

Insofar as NFCU evaluating your credit your Credit Karma skores are meaningless.  Your approach to wait to apply is the correct one although you want to wait until you have the keys to your new home in hand to start applying for other credit, not just when you get a mortgage approval.

[OmarGB9]

To add on to what has been said already, Navy's prequal is useless and unreliable, unfortunately. But yes, a SP would still show your charge off, same as an HP would. And definitely a good idea to wait for your mortgage to go through, get funded, house is closed on, and keys are in hand.

[pakratus]

Given your data points- Do not apply for the Flagship as your first card with Navy.  When they say a minimum of 5k CL, this typically means you need to already have a 5k+ credit limit on your report.  Go for the Cash Rewards first.  Navy typically gives out monster limits on the second card.  

Also, from what I've read, you do not want to apply for a credit card 6months to 1year before applying for a mortgage.