Closed accounts 9 March at 4:52PM in Credit cards 3 replies 198 views

jr5577

I have four credit cards that have been closed/ charged off.  I still want to pay them in full.  Will this still help work my credit?  My score is 500. I got sick and lost my job and now these are the consequences.  

MorningcoffeeIV

Ignore the score.

If the accounts are now defaulted and closed, then there is little point is paying them off, even if the lender could facilitate it.

How do they appear on your credit files?

Marchitiello

MorningcoffeeIV said:

Ignore the score.

If the accounts are now defaulted and closed, then there is little point is paying them off, even if the lender could facilitate it.

How do they appear on your credit files?

If he manage to settle it within the 6 years it will still improve the report as the debt will be updated to “satisfied” 

cymruchris

As above - how long ago did it happen? What do the card accounts now say on your credit reference agency reports? If you can share a little more detail, we can be a bit more definitive in answers. Sometimes there's a benefit to settling, sometimes not, depending on the age of the debt.