That is why I said, "As long as it is being corrrectly reported." The TL would be changed, at best, to "Charge Off" with a $0 balance and a "paid" notation. The CO will still be there, but it will be marked as paid. This will not really help you, though.
The FICO scoring algorithm only cares that the CO happened, not that you finally paid it. Paying a CO or a collection and having it marked as paid does NOTHING to help your FICO score.
From a credit standpoint, once an account is charged off or sent to collections, you gain nothing by paying it. The best thing to do with a charged off or collection account is to use the fact that you are willing to pay for a deletion. Even then, I would not make such an offer unless all other legal remedies were exhausted.

