I have a charge off in my credit report from 2007. It was a credit card with a $500.00 limit and the balance now is around $1,200.00. I have the opportunity to pay it now for around $600.00 but friends tell me that if I do that the account will become current and my credit score will drop. Is this correct?
Of course I want my credit score to improve and I want to pay this card off. How can I handle the situation?
