Will credit card debts and loans affect my chance of getting approved for Canadian visa?

[dpaloma]

Hello! I'm new in this forum and the reason I joined here is because I am looking for enlightenment to some of my questions. One particular question that I have is will outstanding credit card debts and loans affect my chances of getting approved for a Canadian visa? I applied through Express Entry under the Federal Skilled Workers class and one of the required documents that I need to present is proof of means of financial support which is inclusive of all bank accounts and a list of all debts and loans.

I have already completed the required funds but I have ongoing credit card balances and loans. Some of these are on an installment basis and I have never missed or been late on a payment. But right now, as much as I want to pay all the remaining balances before leaving the country (Philippines), I cannot due to financial restraints. Will this have a negative impact if I leave the country without completing all of my payments?

Sorry for the long post. I really need some answers. Thank you in advance!

 

[vishalg]

Hello! I'm new in this forum and the reason I joined here is because I am looking for enlightenment to some of my questions. One particular question that I have is will outstanding credit card debts and loans affect my chances of getting approved for a Canadian visa? I applied through Express Entry under the Federal Skilled Workers class and one of the required documents that I need to present is proof of means of financial support which is inclusive of all bank accounts and a list of all debts and loans.

I have already completed the required funds but I have ongoing credit card balances and loans. Some of these are on an installment basis and I have never missed or been late on a payment. But right now, as much as I want to pay all the remaining balances before leaving the country (Philippines), I cannot due to financial restraints. Will this have a negative impact if I leave the country without completing all of my payments?

Sorry for the long post. I really need some answers. Thank you in advance!

Credit card debt and loans will not impact your POF as long as they are not used for POF.

 

[dpaloma]

Credit card debt and loans will not impact your POF as long as they are not used for POF.

Thank you vishalg for the fast reply. That's very reassuring to know. So I guess it will be better for me to pay the remaining balances from Canada when I get there.

 

[vishalg]

Thank you vishalg for the fast reply. That's very reassuring to know. So I guess it will be better for me to pay the remaining balances from Canada when I get there.

Future debts to be paid using future income. They don't want to know your net worth, they are concerned about the minimum funds that you can bring for your settlement in Canada.

 

[dpaloma]

I have already met the minimum funds required. So does that mean I have nothing to worry about finances-wise?

 

[vishalg]

I have already met the minimum funds required. So does that mean I have nothing to worry about finances-wise?

You're good to go. For your peace, you can explain this using an LOE.

 

[dpaloma]

Thank you vishalg. Hope everything goes well for me and you too.