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Wells Fargo CC offered settlement of 40% and marked settled on credit report


jme
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Wells Fargo CC offered a settlement of 40% and marking my account settled on my credit report. I want to try to repair the charge off from damaging my credit. What can I do here?

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12 minutes ago, jme said:

Wells Fargo CC offered a settlement of 40% and marking my account settled on my credit report. I want to try to repair the charge off from damaging my credit. What can I do here?

Original creditors rarely, if ever, delete a TL.  Usually, “settled” is about all you can get. 

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Just now, jme said:

Should  I call them to be sure?

 

Will doing this improve my credit rating?

It doesn’t hurt to call and ask.   I don’t know if it will improve your credit rating immediately.  As a TL ages, it has less of an effect on your score.  Look at it this way, a “settled” account looks better to a potential creditor than an outstanding debt.

Is the debt still within your state’s SOL?  If it is, the settling removes any worry of a lawsuit.

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1 minute ago, BV80 said:

It doesn’t hurt to call and ask.   I don’t know if it will improve your credit rating immediately.  As a TL ages, it has less of an effect on your score.  Look at it this way, a “settled” account looks better to a potential creditor than an outstanding debt.

Is the debt still within your state’s SOL?  If it is, the settling removes any worry of a lawsuit.

Acct says closed but doesn't show anything about when  it was last paid it just says closed Sep 09, 2018

It also says Charged off as bad debt

Dispute resolved; customer disagrees

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Just now, jme said:

Acct says closed but doesn't show anything about when  it was last paid it just says closed Sep 09, 2018

It also says Charged off as bad debt

Dispute resolved; customer disagrees

If it was closed in 9/2018 for nonpayment, chances are that’s around the time the SOL started.  I believe MN has a 6-year SOL.  

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1 minute ago, BV80 said:

If it was closed in 9/2018 for nonpayment, chances are that’s around the time the SOL started.  I believe MN has a 6-year SOL.  

So is it worth  it to pay it?

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Just now, jme said:

So is it worth  it to pay it?

There’s no way of knowing if you’d be sued, so I’d pay it considering you still have several years left on the SOL.  For me, I’d want to remove the possibility of a lawsuit.  

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