 | Let's say I have bad credit & 10 credit cards, wouldn't it be harmful to have a tradeline? |
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Question: 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.
Answer: -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. -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. -One of the fastest ways to get cash with bad credit, and little hassle, would be with a payday loan. Yes they have terrible interest rates but they are taking a risk. This site offers more details about the payday loans as well as various sites offering the loans, many without even a credit check. Do your homework.
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