What is a credit application?

A credit application is a borrower's formal request to a lender for an extension of credit. Credit applications can be made either orally or in written form, as well as online. Whether it's submitted in person or otherwise, the application must contain all of the information the lender asks for in order to make a decision.

How does a credit application work?

A credit application is filled out by a borrower and submitted to a lender to request a loan or other financing. A contractual relationship begins between the borrower and that lender when the lender receives a credit application. The application provides the lender with important information about the borrower.

How do I fill out a credit application?

The form can usually be submitted either online or in person. A credit application is a request for a loan or line of credit. The information included in a credit report helps the lender determine whether the borrower is a good candidate for a loan. You can usually fill out a credit application either online or in person.

Why should you file a credit application?

Filing a credit application is an important step in obtaining a loan or credit card. The lender may request a lot of information and documentation, so it helps to collect it beforehand. Also know that you have rights under the law against discrimination and other unfair practices.