Do they use credit ref. agencies for funds check?
Dec 8th 2003, 11:44 am
#1
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Thread Starter
Joined: Dec 2003
Posts: 6
Do they use credit ref. agencies for funds check?
I have enough funds to enter canada if I sell my house (which I'll do when I get the visa), but for my application what is to stop me from taking a loan out, putting it in a savings acount, and sending a statement from that account as proof of funds.
To be credit checked you have to sign an acceptance form, nowhere in the canada application do I see such form. Does this mean they will not check applicants for outstanding debts?
To be credit checked you have to sign an acceptance form, nowhere in the canada application do I see such form. Does this mean they will not check applicants for outstanding debts?
Dec 8th 2003, 4:38 pm
#2
Forum Regular
Joined: Dec 2003
Posts: 73
Re: Do they use credit ref. agencies for funds check?
Off course they will not check your credit, they are interested in cash that you are to bring (and spend) in Canada.
Dec 8th 2003, 5:04 pm
#3
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Joined: Dec 2003
Posts: 6
Re: Do they use credit ref. agencies for funds check?
Yeah, but if this is the case then what is to stop people getting a loan for one week, just long enough to get a bank statement saying they have this money?
Or is this what many people already do?
Or is this what many people already do?
Dec 8th 2003, 5:09 pm
#4
Forum Regular
Joined: Dec 2003
Posts: 73
Re: Do they use credit ref. agencies for funds check?
People do what they need to do. Remember that many people from other countries like China, India and other third world countries work often for 100, 200$ salaries and comming up with several K's is one of the main obstacles in their application process. Some borrow from friends, some from bank...
Dec 8th 2003, 6:58 pm
#5
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Posts: n/a
Re: Do they use credit ref. agencies for funds check?
Bruce --
The deal with the proof of funds is that CHC wants to see a *sustained*
availability of funds.
Also, when you fill the forms, it says clearly that you should not include
borrowed funds.
Therefore, if you borrow funds and show them otherwise, you are lying
outright on the immigration form.
Not a very good thing to do and portends a bad start.
Secondly, CHC asks for proof-of-funds more than once during the processing
of the application.
For instance, Buffalo asks for updated proofs towards the end of the process
(like when asking for medicals).
Also, it is usually never enough to submit only the latest bank statement
(and the salary stub).
You need to provide statements from the past few months.
The purpose behind this is to make sure that you have a sustained income
source and the money you have in the bank is really yours and there to stay.
When filing my application, my lawyer had insisted that I provide statements
and paystubs from the past 6 months.
Hope this helps.
"bruce1101" <member18699@british_expats.com> wrote in message
news:[email protected]...
> Yeah, but if this is the case then what is to stop people getting a loan
> for one week, just long enough to get a bank statement saying they have
> this money?
> Or is this what many people already do?
> --
> Posted via http://britishexpats.com
The deal with the proof of funds is that CHC wants to see a *sustained*
availability of funds.
Also, when you fill the forms, it says clearly that you should not include
borrowed funds.
Therefore, if you borrow funds and show them otherwise, you are lying
outright on the immigration form.
Not a very good thing to do and portends a bad start.
Secondly, CHC asks for proof-of-funds more than once during the processing
of the application.
For instance, Buffalo asks for updated proofs towards the end of the process
(like when asking for medicals).
Also, it is usually never enough to submit only the latest bank statement
(and the salary stub).
You need to provide statements from the past few months.
The purpose behind this is to make sure that you have a sustained income
source and the money you have in the bank is really yours and there to stay.
When filing my application, my lawyer had insisted that I provide statements
and paystubs from the past 6 months.
Hope this helps.
"bruce1101" <member18699@british_expats.com> wrote in message
news:[email protected]...
> Yeah, but if this is the case then what is to stop people getting a loan
> for one week, just long enough to get a bank statement saying they have
> this money?
> Or is this what many people already do?
> --
> Posted via http://britishexpats.com
Dec 8th 2003, 10:38 pm
#6
Forum Regular
Joined: Dec 2003
Posts: 73
It is much more workable way for your situation than presented. You probably have equity in the house and a bank account (like money market). You can keep the account open and borrow against your equity line or credit (if you don't have one - open). It is your money and you can transfer it how you please so there is absolutely no mischief implied. Have this money in the account available and you would be able to present the proofs needed; you would need some money to start in Canada and you would be able to keep your house. CIC is not asking the proofs often anyway. Again, no one is looking to your credit history so there is no need to be concern on that.
