Credit card balance

[Nixnic19]

They will only know based on the documents you submit and it is advisable that you do tell them as IIRC are asking you to declare all bank accounts/credit cards/loans.

If you don’t declare bank B and IIRC find out you could see your application rejected and a 5 year ban for misrepresentation.

Because i saw this from the trend up:

sam3218Champion Member
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#4Jun 27, 2018 at 2:45 PM
Last edited: Jun 27, 2018
I think you can safely ignore the debts from other banks and just submit POF for your main bank


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[Nixnic19]

Pls help. Im worried now.

 

[sam3218]

How was your application? Did it work?

yes

 

[Rishi2843]

When you submit your application IIRC will look at your bank statements and do the following.

Total funds in all accounts - any debts/loans = how much you have to bring to Canada.

For example for an applicant of 1 person you need $12,669 minimum. If you had $15500 in your account and a $4000 loan they will work out $15500 - $4000 = $11500 so in this example you would not meet proof of funds requirement (you would need the full $16,669 to meet min funds and cover your loan)

Basically IIRC do not care if you plan to pay a loan off over time they will see it as; you have a loan you need the funds to cover the full amount now. You can submit an application with a loan as I did but it lead to massive delays in processing and ultimately I would have been rejected if I had not been able to provide them with proof of additional funds to cover my loan and meet the minimum funds

Can you help me out in my scenario. I will be showing funds for 2 persons by the mode of gift deed and that too in the name of my spouse who is first applicant. And me being second applicant and i m in a regular govt job with a car loan, and an overdraft with some debit balance but that is secured by provident fund balance. My credit card is nil as of now and timely paid So what will be scenario in our case. POF will be settled in first applicant only or in combine manner with both of us.