I have a charge off from Discover and getting ready to pay it off. I am not sure if I want to pay it off in full or make a settlement and try to cleanup the report as quickly as possible. Does any one know if we make a settlement on a charge off Discover card and later will they approve if apply for Discover secured card ?
They might approve later, but usually a couple of years, I've seen longer wait, though. There is really no way to tell when they will be amenable to another card. As far as how you pay it off, paying full amount may yield better results with secured card down the road. I dont think it matters whether you do it as a one payment or multiple payments. A settlement for less than owed may make a wait longer.