Well,

The CO balance is being factored into your utilization which kills your score.

If they won't PFD, then settle with them and cut your losses with them for good. In the end, the utilization drop will help your score but you'll still have the CO.

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Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 649 EQ 658 FICO 5/13/2013
What's in my wallet? Cap1 PLAT AU $750; Cap1 Cash AU $500; NFCU Siggy $10000; $500 WalMart SC
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey

if I pay this, will the payment change the date it drops off?

It's possible that it can but it hasn't for me.

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Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 649 EQ 658 FICO 5/13/2013
What's in my wallet? Cap1 PLAT AU $750; Cap1 Cash AU $500; NFCU Siggy $10000; $500 WalMart SC
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey

Should you pay it, it shouldn't reset the clock for the CRTP.  Of course a PFD is always preferable, but First Premier doesn't promise much luck on that.  I would suggest to pay it, or settle if if you wish.  And then start to GW it.  Do you know when the DOFD is so you will know when it would fall off?

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Starting Score: 504

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

DOFD is 9/1/2009.   According to TU, this falls off 8/30/2016.

First Premier reports the balance in your utilization.  I was in the same boat and PIF, they updated CO/Paid in Full; score increased by 15 points.

ok, settlement seems best option.

+1  Then start sending them GWs.  You might get lucky. 

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Starting Score: 504

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

ok, did the deed - $250 settlement paid this morning. 

once the CO shows a balance of $0, I wil start the GW process.   A letter every two weeks?