4.5 Year Old Charge-off Settlement Offer

[myztory]

Hello all

I've been cleaning up my post-divorce credit for about three years and am looking to purchase my first home at the end of the year. My credit challenges are 35% utilization and a ton of student loans. I don't have any late payment but I have one paid collection account. My TU/EXP scores are about 655 while EFX is 728. Long story short the one glaring baddie on my reports is an OPP Loan charge off with a Dofd of 12/23/2016 both of which are showing on TU/EXP.   I received the offer below to settle.

Did you recently receive a tax refund that you could use towards this debt forgiveness offer? Your current balance is $3,893.56, but we’d like to help you by offering a settlement of $1,045.52.

Please be advised that, by paying this settlement amount, your account will no longer be reported as an open, delinquent account to the credit bureaus, but will instead be reported as settled. All previous reporting will remain unmodified.*

This offer must be fully paid  by 3/24/2021 by so please call to ensure you are able to fulfill the terms of this agreement.

Wondering if I should wake the sleeping beast in the hopes of breaking the 700 ceiling across the board or just be patient for two or three more years?  

[OmarGB9]

Is it really "sleeping" though? The wording of their letter makes it sound like they're still updating monthly.

[myztory]

I say sleeping beast because they've never contacted me as my ex husband opened the account using a joint checking account I failed to close. The judge noted that he was responsible for paying it in my divorce decree but that didn't prevent them from reporting it. Anywho it's beyond the SOL and I know it's holding my scores back. Will calling the creditor prompt them to start coming after me if I don't accept their offer?  And do you think it would be possible to negotiate them down more?