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WebDear TYC, Paying a closed or charged off account will not typically result in immediate improvement to your credit scores, but can help improve your scores over time.. Paying Off a Charged Off Account. If the creditor has not sold or transferred the debt to a collection agency, the charged off account still will report the balance owed.. Often, when an … WebMar 17, 2024 · Missing a single credit card payment could reduce your credit score and lead to late fees, but it doesn't necessarily have to. Here's how to fix the issue. bishop alton gatlin cogic