Let’s say I have bad credit & 10 credit cards, wouldn’t it be harmful to have a tradeline?
I think that having a tradeline doesn’t do any good. Correct me if I’m wrong, let’s say I have 10 CCs with bad credit history, am I right in saying that having another credit card listed on my credit report is damaging to my score? Isn’t that wha ta tradeline is? Listing a credit card with excellent history? I always thought that having a new credit card always brings your score down because a credit card is a revolving credit unlike mortgage or auto loans. So even with a tradeline on my report, even with that tradeline having excellent history I believe it will be detrimental to my score instead of helping i up my score.
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4 Comments at "Let’s say I have bad credit & 10 credit cards, wouldn’t it be harmful to have a tradeline?"
A tradeline is any form of credit issued to you. Closing a tradeline is ALWAYS detrimental to your credit score (at least in the short term).
It’s a good idea to keep your number of total tradelines under control. BUT, never close a tradeline in good standing with a long history. In the short-to-mid term, it will devastate your credit scores.
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Well, since you have 10 credit cards, you already have 10 trade lines. Now while, adding a new tradeline brings down your score, it will rise again once an adequate payment history has been established.