Help with a charge off

[Anonymous]

Hey everyone I was looking for a little bit of advice. So I'm currently trying to rebuild my credit. I have a charged off account through pnc bank that shows on my CR as owing 1156 (real amount is 6k). I was on the phone with one of the reps and they said the 1156 is the settle amount they'd take to clear out the account but that it would update as "paid for less than charge off amount" what sort of effect would that have on my CR compared to me paying off the full 6k amount?

[Anonymous]

the charge off already did the damage.  Id look into seeing what the SOL is in your state to see if they can sue you.  If its past SOL, try and get it lowered even more.  If they are within the SOL then you may wanna take them up on the offer to settle.  What the settle for less note does is tell manaual underwritters that you had a debt and couldnt or wouldnt pay it off in full.

[Anonymous]

I think they are within the time frame of sueing if they want (official last payment to them was in march 2014I don't think they will since I had to literally talk to 6 people to get me to their accounts department. Would that have a large impact further down the line if I'm wanting to possibly finance a car or get new credit a year or two from now? Sorry for so many questions I know there's lots of little info out there that can add up to big things!

[Anonymous]

@Anonymous.

Although they are willing to settle the account, you would receive a 1099-C for the difference between the settlement amount ad the actual balance and you would need to report that amount as income next year. Yes, the CO could possibly affect future apps, but it's already happened, but you can move past it.