Credit card closed by creditor. Should I pay them off

I have a credit card that has been closed by the creditor but I still owe about $4,000 on it. If I pay it down, will this help my credit? What is the best way to proceed with this?
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It always helps to pay something down or off.

If you can, pay them off.
I would try to re open the card and after one year asked for the creditor to only report the last 12 months activity or too have the old lates removed.