I have a credit card that is in my business name (small S Corp). Unfortunately it is also linked to my personal social security number. I was under the understanding it was not linked so when I hit some financial hard times I chose to let it go unpaid. A settlement agency contacted me about handling it and they are now working with a collector to settle it for 40%. The entire balance is $6300 so they would settle for $2520. I have that amount so I could be done with it. This card has not been paid for in an over a year and it is already in a chargeoff status. So I am trying to figure out if I should just pay off the setttlement amount and be done with it or agree to pay off 50% of it then do payments to get it settled in a year. As I understand it, the chargeoff already took a big ding on me but I also am told that a paid in full at this point would look better than settled. Is paying teh extra 60% off worth the improvement in my credit score? Right now my credit score ranges from 604 to 681 amongst the 3 bureaus. Appreciate any and all advice.
