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TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 15733
Experience:  15 years of experience in financial advising with emphasis on tax issues.
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Trying to clean up my credit. I have several closed accounts

Customer Question

Hi there, trying to clean up my credit. I have several closed accounts that are still showing on my credit report that were never paid. If I pay these would my score improve?
Submitted: 1 year ago.
Category: Finance
Expert:  TaxRobin replied 1 year ago.


According to Experian, paying a closed or charged off account will not typically result in immediate improvement to your credit scores. Once the balance is paid, the account status will be updated to show “Paid Charge off” and the balance will be updated to zero.

Paying an outstanding debt is always better than not paying it, but how much it will affect your credit score (if at all) really depends on other factors in your credit history. For example, if you have too much outstanding debt, then eliminating that debt will have a positive impact on that factor.

While your credit scores may not improve immediately, paying the debt in full will help reduce the negative impact, resulting in scores improving over time.