Hey friends I have a question; 2013-2014 was a trying year for me with navy fed I have a 20k credit card with them and I got behind and stopped paying for awhile so the closed the account but the balance is still reporting (18k). I have been making my monthly payments and in about two months I plan to pay the whole thing off, but I’m a bit worried cause once I pay this already closed account off isn’t that going to drop my credit score considerably? Since it’s already reporting closed ? . The only thing I will have reporting is my mortgage I haven’t applied for any other credit cards cause I been focus on trying to get debt free my current scores are 616, 603, and 600 will my scores drop ? And how does that work still paying off a credit card that’s already reporting closed, how can I get this to work in my favor?
Any expert advice is welcome