When I was 18 I did the stupid thing and signed up for all the credit card offers in the mail. I started trying to rebuild my credit in December 2014 and just signed up this month for MyFico instead of FAKO scores. I confirmed 5 charge offs.
Capital One CC Charge Off reporting a ZERO balance last activity 10/2011..credit limit $ 750
Capital One CC Charge Off reporting a ZERO balance last activity 10/2011..credit limit $ 500
Chase CC Charge Off reporting a $ 794 balance last activity 10/2011
Bank of America Charge Off reporting a balance of $ 1411 last activity 10/2011
Florida Credit Union Line of Credit Charge Off reporting a $ 49 balance last activity 01/2012
As you can see there was a change in income in 10/2011 and therefore I stopped paying all my credit cards. I never cared about my credit until recently when I realized how bad it is and the interest rates I am getting on vehicles.
The SOL in FL is 5 years so I am 16 months out on most of these. Should I wait the 16 months and send PFD’s for less than owed or should I settle these ASAP. I have been offered settlement of less than 50% on 4 of these which I can afford but I cannot afford to PIF right now. All 5 are currently reporting on these to the BIG 3 as well. My question is, What option will get my credit up fastest?