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Your closed account is still factoring into your utilization...so it's probably better to pay it off.
The account will be included in your revolving utiilzation if both the balance and credit limit are non~zero; also once the account is paid to zero you'll lose the CL ( assuming it is being reported now ) so your overall utilization might increase. Depending on how it is impacting your utilization, you might want to keep it open.
@henrikandersen wrote:
But what about payment history? My payment history will be weaker if I pay it off quicker when I have a couple of late payments, right?
Will my fico score be different if I pay it now or pay over one year? Will it end up at the same number?
Your main concern is the FICO scoring impact of the utilization ~ the late payments have already done their damage and will just have to age over time in order for your score to improve. Making positive payments won't offset the negative payments from a FICO perspective.