I don't think there is a way to tighten the skin, it will tighten on its own. I know a few people who had loose skin, but they just waited it off... It's an unfortunate side effect of losing wieght quickly.
The other way is obviously to fill out the skin. So situps and crunches will definately help depending on how much loose skin you have, as they will build up the ab muscles. If you think your skin will be tighter if you have bigger abs then go ahead and build them up. Building up the ab muscle will make your stomach bigger even if they aren't visible. You will probably have to do them weighted if you want them to get bigger. Building up chest will help with chest skin too.
Running or any form of cardio will be useless.
PS: Strengthen your back if it hurts when you run!
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