nearing charge off ...help w/ what to do

update: GE Money just called me back and offered me $1150 (at 151 days according to their records). I took it. It ties up some of my funds, but seemed like a respectable offer. Still concerned about the others and how to handle. Thanks!

Exactly how late are you with BofA (nearing charge off can mean so many things to different people)??? There is absolutely no doubt that with BofA the best deals will be made with them, and NOT a CA.?? Therefore you really must be able to come up with the funds before charge off which as you probably know is 180 days.
You are right about dreaming when it comes to not hurting your credit.?? Your credit is probably already low considering you are so late on all of your accounts, and I would assume since you are in this mess in the first place that your debt to income ratio is not so good.?? By settling debt, your credit will most definitely go in the tank, but you will be able to build it back up within a couple of years by improving your debt to income ratio and going back to not having late payments.?? Well worth it in my opinion to be rid of the debt!
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I would caution you in regards to Discover.?? They are very agressive and will most likely sue you if you your balance is significant. (Sometimes even if the balance isn't so large! :(?? )?? If you get on a hardship program with them and still save funds for settling, I would do it.?? They do have them - usually 12 months, and they are usually pretty good - I know because I am currently on one myself with Discover.?? Because I took the hardship program with Discover I was able save $ to settle with BofA for 17% at 120 days past due.
Your biggest savings no doubt will be with BofA.?? Right now they are settling with 3 months to pay...do not assume you might get a 6 month or 8 month offer.?? I was told by BofA that is now a thing of the past due to government regulations stiffening up since all of the bailouts.
Good luck!

Thanks for the reply. BofA (and one or two others) will be charged off in May. I am behind on everything, but have been trying to save anything I can. But its going to be a while before I can settle them all. Is it best to make a small payment here & there to keep an account from slipping into charge-off or does it really matter? On my credit score issue, I know it has already tanked (was 580 last month), but I have heard a 'settled charge off' looks for worse than just a 'settled' account. Is that true?

Not sure which looks worse...common sense tells me that a charged off account looks worse but honestly I don't think it makes THAT much of a difference.?? A settled account is a settled account - to a bank it all means the same, that you did not keep up with your end of the bargain.
As far as making a small payment to stop your account from going to charge off, I think you would have to make at least a full month's payment to buy yourself time.?? I tried making a $50 payment with American Express when my account ($10K balance) was at 60 days past due.?? It did nothing for me...they still sent it to a law firm at 90 days past due.?? Maybe if I had paid a full month's payment it would have bought me another 30 days, but how long can you realistically do that and still save $ for settlement???
Does your husband have a decent credit score??? You could always try taking out a small loan at a local credit union (they are usually more lenient and give better rates) so that you don't miss out on the settlement with BofA.?? I went to my local credit union at one point to try to get an unsecured personal??loan for $6500 (their rates were 9% for 60 months) and the payment would have been $135 per month...a payment that I could handle and still deal with my other creditors for settlement.?? Well, because my credit score was SO horrible (520) I was denied.?? I ended up selling some things and borrowing a bit from a family member and just cutting corners every month like I never had before, and was able to come up with the $ for settlement.?? However,??HAD that loan application with the credit union gone through, it would have helped me in 2 ways: having the funds for settlement and also helping to rebuild my credit??since I would have paid that loan back over 5 years.?? It is just a thought for you.?? (Btw, I would not suggest taking out any kind of secured loan - unsecured only.)
I think you should stay focused on BofA and getting settled before charge off and not worry about your other creditors right now.?? I personally settled with BofA at 17% so I know it can be done.?? I have heard recently of people settling at 15% but I have to assume that is rare.?? BofA has to believe that your income has been reduced, and that your situation is not just a short term one.?? They look at it as they would rather get 20% than nothing if you file bankruptcy.?? They have to believe your story.?? They cannot verify your income, but they can see anything on your credit report.?? When your GE Money account is completely settled, BofA will be able to see that.?? Then they will want to know how were you able to come up with $1150 for GE Money, but nothing for them?
It is all so stressful, just hang in there!????I think you will be able to get a better settlement offer with BofA if you wait a bit longer; try to close the deal in April.?? If you combine both of your BofA accounts and also your husband's account, I think you could settle both of them??in the ballpark of??$4500.?? If they charge off in May, that gives you a full month to figure out how to come up with it.??

What exactly does charged off mean? I have a cc that is 5 months past due and on my credit report is says charged off. Does this mean I can no longer settle with the cc company?