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

[LeyanXX]

Kudos on staying on top of your credit game! I had a similar situation filing for my green card. From what I gathered, they look at the whole financial picture. Your timely payments and decent salary should balance things out. However, Mortgage Advice Cambridge can answer more questions. Keep those records tidy, and I hope you have a smooth sailing with the application!

[dannybm]

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.

Certainly! Here's a guide for the person based on the provided information:

Understanding the Impact of Credit Score and Debt on EB-3 Application:

1. Credit Score Overview:
   • Your credit score of 663 (Fair) with Experian is a crucial aspect of your financial profile. USCIS may consider it during the adjudication process, although it's just one of many factors.
2. Debt Breakdown:
   • Break down your debts for better clarity. Your credit card debt stands at $35,000, and your auto loan balance is $16,000. Both are manageable amounts, and the fact that you've been making timely payments over the past four years is a positive indicator.
3. Employment Details:
   • Applying for the position of Senior Application Developer, it's crucial to note that your current salary exceeds the minimum wage requirement of $78,000 set by the DOL for your location. This is favorable for your application.
4. Financial Reserves:
   • USCIS considers your ability to support yourself financially. With a combined balance of $15,000 in your savings and checking accounts, you demonstrate a reasonable financial cushion.
5. Retirement Accounts:
   • Your 401(k) account balance of $52,000 is a positive aspect, reflecting financial planning for the future. However, note that the $18,000 401(k) loan balance may be scrutinized, so be prepared to provide details about the purpose of the loan.
6. Addressing Concerns:
   • While USCIS does consider an applicant's financial standing, your debt-to-income ratio seems reasonable given your salary. Be ready to provide documentation supporting your ability to manage and repay your debts.
7. Additional Documentation:
   • Compile all necessary documentation, including recent pay stubs, tax returns, and a detailed breakdown of your debts. This will help strengthen your case and address any concerns that USCIS may have.
8. Consulting with an Immigration Attorney:
   • Given the complexity of immigration processes, it's advisable to consult with your immigration attorney. They can provide personalized advice based on your specific circumstances and guide you on the best way to present your financial situation.

Conclusion: Navigating the EB-3 application process requires careful consideration of various factors. While your credit score and debt are part of the evaluation, your overall financial health, current salary, and reserves contribute positively to your application. Engage proactively with your attorney, ensuring all documentation is comprehensive and accurate to enhance the success of your EB-3 application.

[sairam1824]

Greetings, team
1)This is regarding Credit card debt adjustment program to clear all the outstanding credit card balances throught a 3rd party, checking if "a H1B holder with approved I-140" can enroll to this program to clear off all the debt without APR (Interest) charges?

Can you please advice if we can enroll to avoid heavy interest rates?

2)I was told by the lender to check once if it has any issues and if the green card is in line. But my green card has a lot of time and needs the priority date to move forward 5 years from the current state.
So, was checking by any way, now or in the future, will this debt adjustment program will impact my H1 extensions and green card processing?

3) also, checking if I'm good to go with the debt adjustment program, in future after clearing all instalments, does it going to have an impact on my future home loans/ auto loans?

Appreciate your response in this regard.

[sairam1824]

Just checking the timelines for getting the message approved and someone can reply with their thoughts?

[LeyanXX]

I had some credit card debt and a car loan when I went through a similar process a few years ago, and I was concerned about how it would impact my application. While USCIS does take financial stability into account, they mainly look at whether you can maintain yourself financially in the U.S. as part of the public charge rule. I had a credit score around 670 at the time, and while my debt was high, I was making all my payments on time, just like you.