Paying a closed or charged-off account may not show immediate improvement to your credit scores, but it will have an impact over time.
Do Paying Charge Offs Improve Your Credit Score
Do I Have To Pay Back A Charged-Off Credit Card?
If you can get the creditor to agree to remove the charge-off, it’s worth pursuing. Creditors sometimes will remove.
This is especially true of the credit cards you use to make purchases regularly, such as a gas card or health club membership. The best way to deal.
If you are unable to pay off the debt, you can negotiate for the account to be updated or removed from your credit reports. This is known.
A “charged-off” account that has a past-due balance is worse than one that has been paid or settled. … I know it’s hard to believe, but the value of a “collection” in your score is not based on the amount owed; rather, it is considered an incident. That’s why paying off such an account doesn’t actually result in a higher credit score.