charge offs

Even if your account is charged off, the Creditor/CA can bring judgment against you to recover the debt if the SOL on the debt has not yet expired. So, I think that you should contact your creditor, try to settle the account for less and pay it off.

Okay, if you let the charge off stay on your report for five more years it'd continue damaging your credit score as long as it stays. Further, it'd be very unlikely that the creditor wouldn't make any effort to collect the debt within this period. Hence, be prepared to deal with the harassing collection agencies. If you really want to take care of the charged-off accounts try to find a way to pay off the debts.

Yeah, it's possible - but highly unlikely these days - especially with the internet and state coordination of citizen data - to hide away from collectors for another 5 years.

On the other hand, the longer the distance (in time) from charge-offs and the shorter distance from timely payments will improve your credit score. But, as debtangel says, it is best to take care of it as soon as you can so you can restore your credit rating and move on with your life.