It doesn't seem like you need to lose anymore weight. 5'5" 118 pounds is very healthy. If you are exercising 6-7 days a week you actually should be eating more. Just avoid processed/junk foods, fast food, candy and soda. Try to eat plenty of fruits and veggies. If you are not happy with your body shape I recommend increasing your protein intake and focusing on strength training to tone up (cut way back on your cardio). If you aren't eating enough and you are burning too many calories you are going to lose lean muscle mass which is going to actually give you a flabby appearance. The flabbiness is being cause by a lack of muscle, not from fat. In order to improve your overall body appearance you must build lean muscle and in order to do that, you have to eat.
"Now i'm eating about 800-1300 calories daily depending on how hungry i get."
Just wanted to comment on that. I've been having SlimFast shakes, about 200 calories each, I mainly consider them nutritional protein shakes as they have a lot of protein and vitamins/minerals. I used to have cereal or toast for breakfast and was hungry soon later and was not able to function very well. But having a shake for breakfast, it really stops the hunger for hours and I'm able to function very well. And the interesting thing is that after I added up the cereal, milk and drink I was having I found that it was higher caloric than the shake. It just goes to show that it isn't all about the calories, there are empty calories. Also, protein is an important part.
The SlimFast diet I'm on maintains to keep a 1200 calorie diet, and I've been losing 2 pounds a week even with eating.
I also learned to break a bad habit I had before the diet which was snacking all the time from stress, boredom and trying to get more energy. So tackling the stressors, finding good activities, learning about energy giving snacks at low caloric and small portions has been helpful.