Best with Only 1 CC

[KellyP25721]

Currently I only have one CC.  I will eventually apply for others, but I need to wait until after I apply for a loan.  My question is, from a scoring perspective, having only one card am I better off PIF or leaving a small balance each month? 

[Creditaddict]

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@KellyP25721 wrote:

Currently I only have one CC.  I will eventually apply for others, but I need to wait until after I apply for a loan.  My question is, from a scoring perspective, having only one card am I better off PIF or leaving a small balance each month? 

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1. Mortgage loan?

2. you should pay down the balance before the statement to under 9% of your total credit line, then when the statement comes, PAY IN FULL.

[-Wade-]

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@KellyP25721 wrote:

Currently I only have one CC.  I will eventually apply for others, but I need to wait until after I apply for a loan.  My question is, from a scoring perspective, having only one card am I better off PIF or leaving a small balance each month? 

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You need to leave a 1% bal !!!! Don't pay it to $0 ... After the statement cuts then you can pay the bal off

[Creditaddict]

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@KellyP25721 wrote:

Currently I only have one CC.  I will eventually apply for others, but I need to wait until after I apply for a loan.  My question is, from a scoring perspective, having only one card am I better off PIF or leaving a small balance each month? 

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to add though you need 3 tradelines before you can get a mortgage... 

[KellyP25721]

No, trying to get a loan for a motorcycle loan through my company credit union.

[KellyP25721]

As long as I pay it down before the statement, does it matter how much of my CL is use?  I know some banks want to see usage to consider CLI's.  I'm considering using it to make my car payment and a couple of other small things each month which would utilize 50-60% of my CL.

[titanofold]

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@KellyP25721 wrote:

As long as I pay it down before the statement, does it matter how much of my CL is use?  I know some banks want to see usage to consider CLI's.  I'm considering using it to make my car payment and a couple of other small things each month which would utilize 50-60% of my CL.

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They usually base the CLI based on the usage of their TL. Just because a CC reports a low balance to the CR doesn't mean you haven't used it. And, the lender will see every transaction you've made with their card. They'll know everything they need to determine whether or not to give you the CLI.