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I have a credit score of 572. I have a few small a

Submitted by Bryan Dunning on Sat, 03/19/2011 - 14:56
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I have a credit score of 572. I have a few small amount utitliy bills from my youth and a car that was repossed and it says that the account was open on 6/1/2004. And i owe like 5,000 on the car. On my credit report it says payment status; charged off what does that mean? And the account status says closed. And I really have no "good credit on my report should I pay of some of that bad?