Existing Credit Card Balance - will such affect PR application?

[KRIS120486]

Hi all,

and i hope someone can help me with this concern.

i have an existing credit card approx total is CAD 20k.

but I have my savings from another bank with CAD14k which I can use as my Proof of Funds.

will my existing credit card affect my proof of funds total for my PR application?
This kinda worries me now.

thank you

 

[dotslash227]

Hi all,

and i hope someone can help me with this concern.

i have an existing credit card approx total is CAD 20k.

but I have my savings from another bank with CAD14k which I can use as my Proof of Funds.

will my existing credit card affect my proof of funds total for my PR application?
This kinda worries me now.

thank you

No. As long as the funds in your savings account are not encumbered by your credit card debt, no need to mention the credit card in your application. It will also not affect your PR application. Also, credit checks are not part of background checks.

 

[KRIS120486]

No. As long as the funds in your savings account are not encumbered by your credit card debt, no need to mention the credit card in your application. It will also not affect your PR application. Also, credit checks are not part of background checks.

thank you for your response. As i have checked the cic portal today, it was stated in the documents required that loans and liabilities need to be declared.

 

[dotslash227]

thank you for your response. As i have checked the cic portal today, it was stated in the documents required that loans and liabilities need to be declared.

Only if the funds you are showing are encumbered by a loan or liability.

Also, Bank A manager cannot write on the letter that you have a loan or a liability unless that loan or liability is related to the bank account and certainly cannot write about credit facilities given to you Bank B.

 

[KRIS120486]

Only if the funds you are showing are encumbered by a loan or liability.

Also, Bank A manager cannot write on the letter that you have a loan or a liability unless that loan or liability is related to the bank account and certainly cannot write about credit facilities given to you Bank B.

Thank u for this clarification. Much appreciated