Does bad credit history affect Australian visa?

Do you know that personal loans and credit card debts affect the client's visa application to Australia? The financial obligations you have are relevant in your country and the country you migrate to. All the visa applications require proof of one's general character. Thereby, a bad credit history might affect your Australian visa applications.

Is Visa affected by Bad Credit

A Visa is not affected by bankruptcy or high credit rating. An application for immigration visa would be granted to the applicant. If a person seeking asylum for family or employment applies for an immigrant visa, they have toprove that they will not become a "public charge." Individualneeding government assistance is referred to as "That person." *Check your eligibility for Australia with Y-Axis Australia Immigration Points Calculator.

What is Bad Credit?

Suppose a person has a history of failing to pay their bills on time. In that case, it will imply that there are chances that the said individual will make delayed payments even in the future. A low credit score reflects the overdue payments. This hampers the credibility of the person. An individual with bad credit will find it difficult when taking loans from banks that have competitive interest rates. People with a bad credit history are considered not considered credible than other borrowers with a good credit profile. This is true of all types of loans, including both secured and unsecured varieties. Although there are options available for unsecured loans.

 Bad credit examples

Some examples of financial transactions that could lead to bad credit scores are

• Default on debts that have been due for more than 90 days for the scheduled payment date
• Have unpaid debts go into collections
• Going through foreclosure of mortgage or repossession of a financed property (such as a car, furniture, or a boat)
• Filling for bankruptcy relief from the debt you cannot repay or manage

Does bad credit affect PR

The immigration process is not affected by a low credit score for an immigrant visa.  Your credit score back in your native country, regardless of good or bad, will not be converted to the country’s currency. A business case will not be having any effect on someone's ability to apply for a visa not related to business, such as an employer-sponsored visa or a family visa. It also applies to citizenship applications and many criminal convictions. The absence of criminal conviction is set as the standard for judging the candidate’s good character. *Do you need expert guidance to work in Australia? Y-Axis is there for you.

Can a Visa for Australia be denied for debt?

Only the public aspect of the debt is to be reported, if the debt has components of both public and private resources. The cancellation of your visa depends on the breaching of this condition. It would adversely impact the granting of visas in the future. The debts incurred prior to 18 November 2017 will not be taken into account.

How to improve the credit score?

You can improve your credit score by following the given points

• Lower your credit card limit
• Limit how many applications you make for credit
• Pay your rent or mortgage on time.
• Pay the utility bills timely
• Pay more than the minimum repayment or the full amount

*Do you want to know about the requirements needed to invest in Australia? Y-Axis will assist you.

Consequences of a refused visa

If a person's visa application is rejected, their visa is cancelled under the Migration Act of Australia. If they already have a protection visa, the person’s status in the country is changed to that of an unlawful non-citizen. Under Section 501 - Migration Act, the unlawful non-citizen is placed in immigration detention. They are detained until the visa is granted. In some cases they can be even deported or removed from Australia. If a person’s visa is refused or cancelled, they will be forbidden from applying for another visa. They can only apply for a protection visa or a 'removal pending' visa while they are in Australia. After removal of the person from Australia, they will not be able to apply for many types of Australian visa. If you need more information on Australia immigration, Y-Axis is here to guide you. If you find this blog interesting, you may also go through the following Australia Immigration draw invited 122 candidates