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Sincetel

Settling a debt...credit report?

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On a debt that's already a few years (2-3) old would it be a good or bad thing to settle? It's for a CC. It was already charged off and sold to a collection agency, I'm guessing this new place bought the debt? No idea how it works. So my question is will it help my score/report at all or hurt/keep it right around where it is...which is bad..very bad.

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It depends on your goals, and it depends on whether or not they are likely to sue.  It also depends on who the OC was. 
 

Nothing you do will help any derogatory on your CR for the OC.  It’s bad, and will stay bad.  
 

In order from worst to best for your credit rating for any TL the JDB puts on are:

Worst:  do nothing.  This is worst for your credit rating but in some cases is the best strategy.  
 

Settle for less than the full amount.  That will be marked on your CR, and it will hurt.  The good news is it doesn’t hurt as much, and they can’t sue  you if you do this due right way.  Sometimes this is the best strategy.  
 

Pay in full. This is usually only the best strategy if you are getting a mortgage soon and can’t get a Pay For Delete, or if the JDB isn’t reporting yet.  Or if they are going to sue and won’t settle.  
 

Pay For Delete.  This usually means paying in full, but you negotiate to get it off your CR.  This gets the bad stuff completely off your CR.  If your goal is best credit reports, this is your best strategy.  Some JDBs will go for this.  
 

These are your options.  I don’t know your situation so I can’t tell what your best strategy is. In different situations I have done almost all of these. I once tried to get a PFD, but they refused so I paid nothing.  If they had accepted, I would be able to say I did all of these strategies.  

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