Credit card debt and POF confusion!

[sam3218]

When I say funds I mean the amount of money I declared in my PR application I will bring to Canada.

Okay makes sense. So basically your bank statements showed $2000 more than the minimum balance. And did you declare that you had debt in any form (bank letter/statements)?

 

[wvey]

So..assuming the low priority of credit card statement, will it be ok to show only the last credit card bill showing outstanding? or should 6 month bill be uploaded?

 

[dadofethan]

Hi All

Would this still be relevant in 2020? Anyone have any concrete answer whether credit card debt is relevant?

How does IRCC calculate PoF vs outstanding debt specifically a house loan? I have funds above the minimum required. I am also currently employed which covers my monthly amortization for the house. Will they hold the entire remaining house loan amount against my funds? Please explain formula if you know it.

Also how does IRCC find out about debt if you don't declare it (Both loan and credit card debt) ?
I heard of people getting rejected due to not declaring it to IRCC. Example: I know someone who had unpaid credit card debt but was still able to immigrate last 2015. But I also know another person who also had outstanding credit card debt and didn't declare it in his IRCC application and got rejected by IRCC last 2019

 

[KouKi.L]

Hi All

Would this still be relevant in 2020? Anyone have any concrete answer whether credit card debt is relevant?

How does IRCC calculate PoF vs outstanding debt specifically a house loan? I have funds above the minimum required. I am also currently employed which covers my monthly amortization for the house. Will they hold the entire remaining house loan amount against my funds? Please explain formula if you know it.

Also how does IRCC find out about debt if you don't declare it (Both loan and credit card debt) ?
I heard of people getting rejected due to not declaring it to IRCC. Example: I know someone who had unpaid credit card debt but was still able to immigrate last 2015. But I also know another person who also had outstanding credit card debt and didn't declare it in his IRCC application and got rejected by IRCC last 2019

Hey- just reaching to know if you had any issue related the credit card ? did you show that statement> if yes, did it affect your application ?

 

[iSaidGoodDay]

Hey- just reaching to know if you had any issue related the credit card ? did you show that statement> if yes, did it affect your application ?

Credit card debt doesn't usually lead to any issue. Same for home loan or any other loan. As long as you are able to show PoF and codified debt in your PoF - you are usually good. IRCC usually calls and confirm PoF, so any missing info would be discovered by them. In most comments saying that someone got rejected for "credit card debt" are often hiding the real reason. When IRCC calls they often find out misrepresentation that a lot less folks here admit they did.

I remember a case where someone had actually faked their entire PoF, but blamed IRCC here for rejecting because of credit card debt. It was when another user shared an evidence from a Whatsapp group where this user admitted getting rejected due to faking PoF.

I never shared credit card statements with IRCC in my application, but, I had codified debt in my PoF. I attached my bank statements from the last 6 months as well to my PoF. That's pretty much it. If you have insane credit card debt that could potentially cause issues with proving your PoF capabilities, that's another story. For most people though, credit card isn't an issue.