Credit card can we show as proof of fund?

[MrH1B4Canada]

Hi Seniors, PMM, Qarox,
may I show my creditcard accounts as proof of fund?

american express Gold credit limit: $4500.
Bank of america VISA AmeriCard credit limit: $6500
Discover VISA credit limit: $2000
Chess platinum visa: $2500
I have cheking account : balance as today: $25000
all amount in USA$.
Thanks,

 

[humanist]

I don't think it needs a senior to answer this one!

No, the funds have to be unencumbered, so you definitely cannot take on debt to use as landing funds.

However, your checking account looks quite healthy, won't that cover it?

 

[saki]

Hi Seniors, PMM, Qarox,
may I show my creditcard accounts as proof of fund?

american express Gold credit limit: $4500.
Bank of america VISA AmeriCard credit limit: $6500
Discover VISA credit limit: $2000
Chess platinum visa: $2500
I have cheking account : balance as today: $25000
all amount in USA$.
Thanks,

Hi

NO you cant show credit card as a POF, the POF should be your own money like savings, fixed deposit etc and credit cards are debt which you will have to pay back and its not your own so its not acceptable.

Cheers
Saki

 

[MrH1B4Canada]

ok, I know checking and savings will enough good, if credit card works then I will use my other savings and money for my business in India. thats ok I have good money to show here in the USA and even in India.
my own purchased home in India will ok?
I have shares in India so I can show that shares also? right?

 

[coolguy2010]

MrH1B4Canda,

Dont you understand simple english of CIC website.

They have given clear instruction regarding proof of funds.

Shares are also not part of Proof of Funds.



Regards
Cool

 

[mis]

NO

 

[MrH1B4Canada]

coolguy, lots of stuffs in simple english also creat problem in later. ok, so, I want to be clear my doubts before sending all docs.

 

[navneetgarg120]

Is there verification of funds shown as well? I showed some bank amount as POF but after that I had to withdraw money due to some exigency. I am not sure whether there is verification of funds from CIC. Can anyone confirm?

 

[saki]

Is there verification of funds shown as well? I showed some bank amount as POF but after that I had to withdraw money due to some exigency. I am not sure whether there is verification of funds from CIC. Can anyone confirm?

Yes they can ask you for the 3 or 6 months statement at the medicals time so it is always recommended to atleast keep the minimum balance in your account until visa is stamped.

Cheers
Saki

 

[navneetgarg120]

If I broke my fixed deposit then should I show new POF?

 

[saki]

If I broke my fixed deposit then should I show new POF?

No no you dont need to send the POF again but just keep the money in the account incase if they ask for the pof again at medical time.

Cheers
Saki

 

[navneetgarg120]

@Saki: That means it is not always mendatory to have funds in accounts during medical. It depends on CIC whether they ask for POF again at medical time or not.

 

[saki]

@ Saki: That means it is not always mendatory to have funds in accounts during medical. It depends on CIC whether they ask for POF again at medical time or not.

Yeah but if they ask and you dont have funds in the account and then transfer big amount then you will have to prove that it is your money and you have not just borrowed it to show it again.

Cheers
Saki

 

[navneetgarg120]

If I transfer heavy amount then how do I prove that it's my money. How CIC will get convinced of money that I will transfer in my account?

 

[saki]

If I transfer heavy amount then how do I prove that it's my money. How CIC will get convinced of money that I will transfer in my account?

Thats why its recommended to keep the money in account until visa is stamped. You can prove it like for e.g if you sold your assests you can show the prove which asses you have sold the documentation and stuff which shows that you had the assests and you sold it for this much amount which you deposited in the account.

Cheers
Saki