Should I make payments on credit cards that have been marked as charge offs on myFICO score?

Should I make payments on credit cards that have been marked as charge offs on myFICO score?

I have 5 credit cards that have recently been marked as “charge off” on my credit report. My last payment on these cards was about 7 or 8 months ago. I will soon be in a position to once again start making payments on these accounts but I have heard that doing this will actually decrease your credit score not raise it, which is my ultimate objective. What should I do?

Asked on March 11, 2012 under Bankruptcy Law, New York

Answers:

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