Hi OP, it sounds like your BofA card has a balance but many or all of your other cards do not have a balance?
Have you missed any minimum payments to BofA or other cards? It sounds like if you catch up those missed payments, to get back on track BofA might be able to make other allowances?
Your question is what happens to your credit if this BofA card goes in to default. Since credit scores are a measure of trust, your score would go down, but that only really affects future borrowing. If you default on the BofA card, that interest rate probably goes to a penalty rate.
However, since you live in PR, your ability to pay may be limited now. Sometimes situations lead people to default, because the burden of repaying a debt is not possible. The effect is limited ability to borrow, but it removes much of the burden of trying to pay it all back.
You should check with BofA to clarify what they have in mind, if you get current on payments. You need to look closely at your overall financial situation and decide how you want to move forward.
Have you missed any minimum payments to BofA or other cards? It sounds like if you catch up those missed payments, to get back on track BofA might be able to make other allowances?
Your question is what happens to your credit if this BofA card goes in to default. Since credit scores are a measure of trust, your score would go down, but that only really affects future borrowing. If you default on the BofA card, that interest rate probably goes to a penalty rate.
However, since you live in PR, your ability to pay may be limited now. Sometimes situations lead people to default, because the burden of repaying a debt is not possible. The effect is limited ability to borrow, but it removes much of the burden of trying to pay it all back.
You should check with BofA to clarify what they have in mind, if you get current on payments. You need to look closely at your overall financial situation and decide how you want to move forward.
Try going to https://www.usa.gov/disaster-financial-help to see if there are any programs to assist you. Help ranges from disaster unemployment insurance, business loans to get up and running again, and assistance getting your home into a sanitary and living condition after a disaster. As you didn't provide any information about what you're going through, hopefully there is something there that can help you. I would also go to http://www.redcross.org to see if they can provide financial assistance. I know they do for American military, but not sure about civillians.
Also, I wouldn't worry too much about the dings to your credit if you can at least pay enough to keep the account open. After 2 years, they aren't weighted as heavily nor will they affect you as much.
Good luck.
