Advice on old credit card

[bankersbox]

When I was 18 I got a student credit card with a $500 limit. It was stolen and I never bothered to report it and they ran up debt to $800 before the card was cancelled.

I'm 22 so it's been 4 years now. I'm still getting letters from agencies offering to settle the debt but I have never responded and I know better than to do that.

What I'm wondering is if I call the original creditor and tell them the card was stolen, will they cancel the fraudulent charges? Or will that reset the SOL and make things worse?

I am not overly worried about my credit score because I have some other bad items on there already, just wanting to make it a little better if I can, or at least not make it any worse!

[chane]

I wouldn't try to report it 4 years later. They will ask why you didn't report it immediately or laugh at you or both.

You should start worrying about your credit now, not when you are ready to apply for a loan, by then you are way too late.

Start here: Basic Step by Step Beginner's Guide to Credit Repair