credit application

Definition

Documentation that is completed by an individual or business seeking to apply for a line of credit with a lending institution. The information on the application is used to determine the borrower's credit history, employment status, and his/her ability to repay the loan amount.

Use credit application in a sentence

In order to secure a car loan from a bank or credit union, people must first submit a credit application to the lender.

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John Smith was denied credit at Best Buy because the social security number he provided on the credit application form was invalid.

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When John was looking to buy a car, he realized that he had low credit history. John completed a credit application at his bank to get a reasonable loan to purchase a car.

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credit scoring accommodation endorsement