How bad is settlement really?

Aug 052010
 

Ok, this is a two parter:

1.  I am trying to raise my score to buy a house, not immediately but soon(6-12 mths), so I am trying to get rid of all CA’s on my CR’s.  One of them has sent me a settlement for about 1/3 of the $1000 debt.  If I take this settlement, how bad does it look having ‘Paid Settlement’ instead of ‘Paid in Full’ when I apply for the mortgage, as well as effects on my score.

2.  I have been having good luck lately it seems, because when I call OC’s of accounts that have been with CA’s for years, they gladly take full payment and say the CA reporting will fall of my CR since I have paid them the debt.  Is this true, or am I getting taken for a ride….just made the payments, so I haven’t waited to see if they indeed fall off.

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