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Phan2Madi

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Closed Credit Card Accounts
Wondering if I should pay my closed / charged off credit cards. Will doing so raise my credit score. I have several that were opened in 2006. I just recently received 1099-c forms for the IRS on several of them. Does the statute of limitations start when the account was opened or when the account was charged off.

I am 57 and was laid off most of last year. I am currently working but making at least $16,500 less than I was before being laid off. My home is being reviewed for a remodification. I have no savings and no retirement. Just trying to determine what I need to turn things around and I am starting with the credit cards.

Any advice is much appreciated.

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The statute of limitations for how long an account remains on your credit report is 7 & 1/2 years from the date you went past-due or delinquent.  If you pay them off now, they will stay on your account for 7 & 1/2 years from the date you paid them off.  If you are getting close to the fall-off date, I'd wait it out and save yourself the money.  Just my opinion, however.  Best of luck!

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