Paying off Charge Off

[youngnizzy88]

I have a Bank of America charge off from 2010 that I have been paying off in $100 payments for the past few months.  The collections agency offered me a settlement of about 40% of the remaining balance ( about $530 of the remaining $1230) the other day which I intend to take. Should I expect much of a bump in my fico scores by paying it off?  According to MyFico's score simulator  the remaining balance is factored into my utilization, but I don't know how accurate it is. 

[guiness56]

I don't trust the simulators.

But, yes, it is factored into your utilization.  When paid off or balance brought to 0, which the settlement should do, it will never be factored in again and you could see a bump.  It all depends on other factors in your credit profile.