If i have chargeoffs/collections; how would payment in full differ from settling the account as far as our credit reports go?
FICO doesn't care a bit if you try and make good on a past debt.
With live humans considering you for credit cards and other credit, YMMV. I've read quite a bit of anecdotal evidence that prime credit card issuers and banks do view a paid charge-off a bit more favorably than settled, which in turn is viewed just a little more highly than open. But for the most part, the damage is done. Unless you can get a PFD, I wouldn't waste time or money settling a past debt.
When rebuilding credit, looking toward the future is always more productive than worrying about the (unchangeable) past.
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in a credit-scoring postnuclear Stone Age...