I am in a very tight situation and I am wondering how the FICO score behaves if I stop paying 2 cards out of 4. How badly would it go down and how badly would it affect applying for loans at different banks?
Here's the situation:
- I got 4 credit cards and 2 loans.
- Won't pay 2 cards anymore.
- I am from Mexico so there's no legal implications for me if I don't pay anymore.
Question: how badly would it affect the FICO score if these 2 unpaid debts would automatically reject new loans thus rendering pointless the payment of the other debts?
I won't apply for new loans until a couple of years later.