Settle or wait until it falls off?

[ThetoriParadox]

I have a first premier charge off reporting a balance of 443.41. No collection agency on my report, out of SOL. Today I received an offer from FNCB (a CA) to settle for 221.71. This will fall off my report in 2019. Is it worth it to pay it at the settled amount or is waiting for it to fall off going to be no different as far as effect to my credit score? I figure it's either to say setttled or unpaid for the next two years so is one really better? Thanks y'all.

[Anonymous]

I have the same situation.  Although mine is with Bof A and quite a bit more but it is holding down my scores because it is being reported as 100% utilization every month and a chargeoff.  It comes off mid 2018 unless I can get an Early Exclusion.   

I just wonder how it would affect scores by paying it.  Because then it may report as a new late.  This happend to me back in mid 2015 when I paid several chargeoffs.  

Hopefully someone will chime in and give their insight.  

[rmduhon]

Call the CA and get an agreement to not report if you pay now. If the CA reports then your scores will take a hit from another derogatory account being reported.

[wa3more]

damage is done, so only settle if they delete. And get agreement in writing.

[wa3more]

I just read this again.

The letter is from a CA not the creditor. The creditor is reporting late so they would have to agree to a PFD.

[ThetoriParadox]

Right. I think it'll make no difference if the status is updated to anything at this point.... I'll wait it out and try for EE closer to the fall off date. Thanks all!