You won't hit the 700s for years to come if you ever try to settle. You'll be lucky if you pass 600 two years out if you use a firm like that. The CCCs would first hit you with a 30 day-60-90-120 day lates and then they'll charge-off and then maybe be open to settling. Some CCs won't and then you have CAs to deal with, potential judgments, etc. Even if they agreed to settle before charging you off, the lates would drop the score and once settled, they'll mark each account with a "settled" comment and that's just as bad as a charge-off per your score. And as mentioned, you would have to pay a big price too and not every settlement company forwards the money to the creditor. Some keep it and use your money to offset the communications with the creditors and to pay themselves first. Settlement firms are a big target of regulators and lawmakers for their shady practices. Even if the firm is upstanding, a CCC, like WF, will mark you late every month if the minimum payment isn't met, even if you entered into an agreement with them.
If a higher score and lower debt is your goal, the best bet is to rebudget and increase your income while decreasing expenses. Tear up the cards, if spending on them is an issue, and throw extra to pay them off. IMO, pay the lowest balances first. FICO likes to see $0 balances and your score would increase faster. Cut out any unneeded expenses like hobbies, subscriptions, cable, movies, or going out to eat. Increase your income with a second or third job if needed. I bet you can pay off that Wells Fargo debt by this time next year. No doubt.
This is my first time that I post a message on Fico Forums and I'm glad I did just panicked and I'm frustrated for not getting any where. I have paid my bills on time for the past 7 years and still this cc's don't cut you any slack.