Thanks so much TJ.

I will put some money into my car now and sit tight for another 3 years until it is off my credit report. Paying that kind of interest rate is not smart. I appreciate your quick responses.

Have a good weekend

I would get a good used car for now till my credit cleaned up. You can still get a good car for under 5000 if you know where to look and what to look for,

19-24% depending on where you go and who will accept you.

Thanks TJ, any idea on what type of interest rate the would charge?

They will definately charge a higher rate as you are now considered a higher risk with the R9 on your report.
Also if this card was issued through your bank, they can if they wish seize any money you may have in accounts with them up to the amount you owe. This is what is known in common law as Right to Setoff.
So best not to have any money with them unless you are prepared to lose it if they decide to go that route.

Thanks for your reply Monty,

my ability to pay was affected by illness a little over 3 years ago. With treatment etc I have the ability to earn income again but I am not sure what to do with the defaulted credit card. I honestly don't have a ton of experience with this. Do I pay it off with payments?

As someone stated earlier, whats done is done. If they will hold it against me with a crazy interest rate I will try to make my beater last another 3 years.

Again, just trying to understand all of this before I approach a dealership or my bank. I assume my bank might say no straight up due to it not being paid but then again, I don't know.

Again, thanks for the replies and help. I do appreciate it

hello again,
there are many different factors that a creditor looks at...
Your ability to repay the loan, your job stability, home stability, credit score etc...

My question is: if you have ability to pay, why would you default on the loan?
If the account is shown as paid, then creditors will know that you're "good for the cash"... pretty simple.

Is the higher interest rate worth it to you?

Thanks so much for your response.

Do you think there is any chance of me getting an auto loan with that defaulted credit card showing on my report? I assume that someone would offer me a loan but not sure what the interest rate would be.

If you have any advice to that question it would be appreciated

At this point it is simply a moral issue whether you settle account as it has passed the Statute of limitations and can no longer be collected using the courts.
Even if you paid it off in full tomorrow, would make no difference on your report.

Here is my situation, defaulted on a credit card 3 years ago and have not settled the account. Rest of my credit is good but due to a illness I defaulted on this one account.
Do I have a chance at getting a new auto loan with a decent interest rate or am I screwed for another 3 years until it comes off my report.
I am unsure if I should settle the account as the collector seems to want almost 75 percent.
Any help would be great

Thanks