Bad Start

If you have the money I would contact the company and tell them you'd like to start making payments again. There's a chance that they sold the account to someone else, like a collection agency, so you need to find out who still has the account. Since you are young, you have the chance to start rebuilding. It would look much better if you started paying again. It's looks bad to prospective lenders when they see that the first credit you got you defaulted on and never paid.

Welcome to the forums. I also was irresponsible when I turned 18 and got my first credit card. I hadn't paid in my card in 3 years. When I turned 21, I started checking my CR and noticed that I had the credit card on there and it was charged off. It had severely damaged my credit and I started researching on it. Every state has the SOL and my card was out of my state's SOL. Therefore I haven't paid on it b/c it would start the SOL again. It has already tarnished my credit and it will fall off in 4 years. If I get the money in a lump sum, I will pay it in full, but if not, I will leave it alone.

I have a question for you---why would you think that it would be okay to not pay on a credit card as you stated? I am not trying to criticize, I just want to understand your thinking. Or did you mean you financially couldn't pay?

Welcome to the Forums :D You are right, it will mess up your credit. Find out who you owe, call them and tell them you had been irresponsible in the past, but are trying to make financial amends now. Sometimes they will stop interest, fees, etc., if you will faithfully make payments to them. This helps get it paid off sooner. Good Luck..Karen

Sorry about the misinterpretation...I meant that I haven't started paying on it since it is out of the SOL b/c I don't really have that lump sum of money and they will not accept payments. If I start paying on it, it will start the SOL again, and then the harassment will begin. I went through 3 years of that and I haven't got the lump sum of money that they want.

Yea, I financially couldn't pay and I still don't have the lump sum that they want..

bassplayer - Welcome to the site!

You definitely need to work on getting that credit card paid off. I have to echo the thoughts of others here - this will be a very negative mark on your credit report, as it is your first credit experience and your non-payment will look very irresponsible to future potential lenders. When you go to buy a house, a car, get insurance, etc., your credit report will tell the tale.

You have a lot of time to work on this, at your age. I suggest getting to work on it right now, and get your credit score back up where it should be - you'll find a whole world opening up to you when you do. Just be responsible with credit from now on and pay everything on time - you'll be just fine!