Wolves were bold on their last trip to Stamford Bridge with Craddock putting the visitors 2-1 up before they eventually succumbed 5-2 in 2004.
Craddock insists the newly-promoted side have nothing to lose from their away day in London so might as well go there and enjoy themselves.
The defender was pleased with some of their performance against Arsenal recently - which ended in a 4-1 home defeat - and insists with some better defending the results will come.
"I scored with a header to put us 2-1 ahead in the second half (on their last visit to Chelsea). Anything can happen in a game of football even when you play a top team," he told the Express and Star.
"We'll be the underdogs and have got nothing to lose, so we might as well go there and go for it. This is the reason why we wanted to play in the Premier League to play against teams like this.
"Of course it's difficult but it's another good experience and we'll be going there ready to give it everything we've got.
"We showed for half an hour against Arsenal that we can play against the top teams when I thought we looked comfortable.
"It's a matter of continuing that and making sure that if we do concede, we stay together, don't get disjointed and keep doing what we were doing before.
"But Chelsea are top of the league for a reason and we know we're going to have to grind things out. It's still fantastic for me personally to have a chance of being involved against these sort of teams."