Question about credit card debt and credit score for I-485

[jrbd]

Hello,

Since the priority date of EB-3 became current, my attorney is gong to file I-140 along with I-485. I will have to mention my credit card debt and credit report.

My Credit Score is 663 (Experian - Fair), and credit card balance is 35,000, auto loan balance is 16,000. Maintaining card and auto loan payments on time and there is no late payment since I started using credit cards (almost 4 years).

Applying for Senior Application Developer, minimum wage for my location determined by the DOL is 78,000, and my current salary is 94,000 (annual).
My 401(k) account balance is 52,000 in total and a 401k(k) loan has 18,000 balance.
My Saving + Checking account balance is 15,000.

Question: How do the credit score and debt impact the application? I know that USCIS is currently focusing heavily on debt. Does anyone see any risk about the debt I have now?

Thanks in advance.

[danny32]

If you don’t have any bankruptcies on your record, you’re good. Your debt will have a very low impact. I’d say you don’t need to worry about it.

[jrbd]

No bankruptcies. Thanks for the response, danny32.

[Tibwa]

I filed my AOS with almost $400k in debt ( Mortgages, car loans and credit cards). Who told you they are focus on debt? my salary support my income to debt ratios and have plenty of equity in my homes and a decent 401k balance and 730+ credit. As long as you don't have bankruptcies, late payments.

[jrbd]

Tibwa, I found few articles are saying that Trump administration is having the authorities look at debt and here is one of them Just sharing...
Here is another one

[Tibwa]

Of course, they will look at your finance but as long as you have good credit scores and no past dues and collection that are current, you will be okay. a big chunk of I-944 asks for those questions. You also must the read the USCIS policy manual to understand how this items will affect your case. This is where you can get the manual

https://www.uscis.gov/policy-manual/volume-8-part-g

I think USCIS took off the credit score session because of the injunction that was put in place on the I-944 but the injunction is now lifted, expect to see these details back again in the manual.

[Tibwa]

Take a look of the Part 4 ( Financial Means) of the link below and scroll down to see what they say about debt and credit score. You score is fair.

https://www.uscis.gov/policy-manual/volume-8-part-g-chapter-9

Make sure you check your credit scores from all the 3 credit bureau. You might me above 670 in one of them.

[jrbd]

Thanks, Tibwa. This is helpful.

[LazyWorld]

Your track record inspires confidence. In fact, it's incredible how openly you've talked about it. It seems to me that if you have nothing to hide, there shouldn't be any problems. Yes, they will definitely look at your finances, but you should be fine as long as you have good credit ratings and no late payments or current fees. In any case, there is a lot of information about these things on the internet. But one way or another, you should still read the USCIS policy manual in more detail to see how these points will affect your case. But I think you'll be just fine.

[jenniferdehner]

It all depends on your credit history. It used to be way easier to get a loan several years ago. Now they are looking at your credit history very carefully and make sure that they will be able to get the money back. But if you intend to take a loan for your business, then I advise you to see if the government has any programs that offer low rates. Also, if I’m not mistaken, there was a program open for immigrants, to help them integrate easier into the community. Hope this helps!

I had the same problem not long ago with my credit history being bad, but I needed money and didn't have time to fix it, so I borrowed money and was approved without any problems on the same day the money was deposited into my account, so if you have credit problems, don't worry, there is always a way out!

[SwitchBlade]

IMO you should better discuss that problem with a professional advisor. The mortgage or loan can impact your life in a positive or negative way, considering you’ll be dealing with it for a long time. If you solve this issue alone, you can get some unpredictable consequences in the future, as well as after asking random people who may not be experts.

[shiva_82]

IMO you should better discuss that problem with a professional advisor. The mortgage or loan can impact your life in a positive or negative way, considering you’ll be dealing with it for a long time. If you solve this issue alone, you can get some unpredictable consequences in the future, as well as after asking random people who may not be experts.

I don't remember having submitted these details when I filed for my AOS last year. Are these required still?

[Enub4]

The Form I-944 has been discontinued

https://www.uscis.gov/i-944

[shiva_82]

The Form I-944 has been discontinued
https://www.uscis.gov/i-944

That's what I thought.

[BNic]

I can't say for sure that this is exactly what you are looking for, but if you have a bad credit score and need a good credit card, I'd recommend paying attention to the Fortiva credit card. I had this card for almost a year and a half and I never had any issues with the card or this fortiva customer service. Also, I like the wallet hub which is very good at helping monitor your credit score and improve your credit rating.