New york 5 year CO drop off analysis

QuestionsNew york 5 year CO drop off analysis
asked 3 years ago

I ordered a copy of all three of my credit reports last week. I had two charge offs from the same time period. One CO said it was set to fall off 04/2018 and the other said 07/2020 which i thougt was strange since thet both were charged off at the same time.

My fako scores right now are

662 TU
636 EQ

My only other baddies are 7 accounts listing late payments. 6 of the are student loan accounts from three years ago and one is a 30 day late on a cap one card two years ago.

Today, thanks to this forum I found out New York State has a law that says CO which are paid in full must drop off in 5 years. Which explains why the first CO that occured at the same time as the second is set to drop off two years sooner.

Now, the first CO set to drop off next year was for $ 1400. The bank sold the CO to a CA who sued me in New York Supreme Court. I filed an answer to the suit and was contacted by a letter to speak with a senior settlement specialist about settling. I said i could do $ 100 if they dropped the lawsuit. After a week they called me back and said the $ 100 was accepted.

Flash foward to now, the CA fell off my report and the original creditor is reporting a paid in full status. Obvioulsy though i didnt pay in full, i paid $ 100.

With that background info, and the new information i learned about the New York 5 year rule, im wondering if i should try to do the same thing with the second CO. Its with Chase Bank, who said they cant take collections actions on the account due to court order. They told me they could settle for $ 2700 but absolutely no lower. They said no one in the bank has the authorization to lower that settlement amount.

Im wondering if its worth coughing up the $ 2700 to get this off my credit report next year instead of waiting for it to fall off in 2020.

Im turning 30 years old in a couple of weeks which has lead to this effort to patch up my credit. I would like to stop leasing cars and get a 0% apr car finance once my current lease is up in 2019. I would like to get married and buy a home with my partner in the next few years.

I feel the main thing holding me back from all of that is the 662/635 credit score. Each time i apply for credit the chase card and the other charge off comes back as a reason for denial. I pay higher rates for car insurance becausw of it. I aganoize everyday about repairing my situation.

has anyone ever had luck paying the settlement amount with chase and getting them to report a paid in full charge off??? I would struggle a great deal paying $ 2700 and most certainly could not do the $ 5410 original balance.

Also im not sure wheter id pay more than $ 2700 in extra finacing costs over 3 years . like is it worth it in a cost analysis basis over the next 3 years to pay it vs keep it and get the short stick on APR ans access to credit.

I am looking for feedback or advice! Thank you for reading all of that i know its a lot! Its overwhelming for me so i hope to get perspective from some senior ameture advisors here.

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