Please analyze this credit situation and post your thoughts..

[SCREWCREDIT]

State - Florida

Enough with the small talk.. let's get to the point.

Here's what my credit files contain :

(1) Credit Card Charge-Off
Opened 1/97 Date of Last Activity 12/97
Balance $2197 (fees/interest it rose from $1500 to $2197)
Age Approx. 3.75 years old Status - Unpaid

(1) Collections Account
Phone Bill Debt Originating 12/99
Status - Paid on 6/00

(1) Cash Secured Loan Paid As Agreed
Opened 7/98 Closed 1/99
Amount $8000.00
0 Late payments - Closed on good terms.

(1) Cash Secured Loan Current
Opened 7/01 - Current as of 11/01/01
Amount $2000.00
Balance $1851.00
0 Late Payments Paying as agreed.

Thats pretty much what my credit file contains. I earned the credit card charge-off by having incooperative parents. My responsibility, my error, I've paid the price and will continue to do so for an estimated 4 more years. The phone bill was something that slipped away from me and until I received the collection notice I honestly forget all about it. Owell, I paid it as soon as I realized I owed it. I guess it's stuck there for quite a few years as well. What good the paid loans do or are doing for me I can't say. I do know this.

I own a vehicle that has a loan value of $5000.00. I'm looking to use the title which has 0 liens to obtain a loan in the amount of about $4000.00. Does anyone know where I might be able to do this based on my credit file? My gross monthly income is about $1600.00 and I have no documentable living expenses. My legal address has been the same for 14 years, I live with my parents. I have 2 checking accounts with Bank of America, a savings account (which is where my cash that secured my loan is). One checking account is an individual and the other a joint. The savings account is individually held as well. The joint account always maintains a balance higher than $1000.00. The savings account has a balance of about $2005.00 but keep in mind $2000 is made not-available even though it's there because it's securing the $2000.00 loan I have with the bank. The inidvidual account balance varies. It can be as high as $1500.00 during the month and as low as $40.00 depending on th expenses I incur.

Does anyone have any suggestion on how to obtain the loan I'm looking for. From the looks of my situation it seems like it may be really difficult without a cosigner unless someone can give me some insight on how or where to go with my credit status to obtain the loan. The interest rate I know will be in a higher category and anything up to 13% is acceptable. This is extremely high for a vehicle loan but I guess that's the price I pay if I were able to get the loan individually. Before I had my secured loan I attempted to obtain the loan from Bank of America where I hold all my accounts and I was denied. I'm not sure if 5 months (including Novembers payment) of good payment on the secured loan I took out with them would change their mind if I reapplied individually. A co-signer in my family might be hard to come by. My relatives are stingy.

Any help, comments, suggestions, would certainly be appreciated.. Thank you for your time.

 

[bigun]

Let me make one suggestion. The SOL in fl. on cc debt appears to be 4 years. I would suggestnot doing anything that would get a credit report pulled until the SOL has run.
That being said, I doubt you'll qualify for prime financing. The ckeckered credit history is one thing but, though you don't make a lot of money, you also should have few living expenses. You really ought to have a few dollars in the bank.
I'd suggest you try Household inance or The Associates {many of them are doing business as CitiFinancial}. I know a company called Gulf States Finance or Gulf States Credit used to floorplanand finance a lot of used car dealers in my area years ago. You might see if they are in your neighborhood. Alos, Amer-Credit is the largest subprime automobile financing company in the country.
If you get offered 13%, take it.

 

[SCREWCREDIT]

I can not confirm the statute of limitations on credit card debt in Florida. To my understanding all the statute of limitations will do is prevent legal action from being taken. The information reported to the credit bureaus by federal law must remain there for 7 years. So in my own opinion, unless I'm overlooking something, I don't think waiting to apply until after the statute of limitations takes effect will do me anymore good than if I had applied now. With a co-signer, I'm confident I'd be able to get the loan. You're talking $4000.00 over a 36 month term. With interest, I can't forsee the monthly payment being anymore than $160.00 a month. I'm already paying $96.00 for the secured loan I currently hold. Also, I do have cash in the bank in my joint account. It may be a joint account but I'm the primary account holder. Must stand for something. Thanks for your time.