What is a Credit Application form?
A Credit Application form is used to standardize borrower information for credit requests. It contains a borrower's identification, number of loans, and financial status.
However, a Credit Application form alone does not guarantee borrowers the approval of credit companies. Supplementary information from the credit rating agency will help the credit companies decide whether a borrower is qualified for a credit account or not.
How to fill out a Credit Application form?
Do prior research on the qualifications of potential applicants of your chosen credit company to boost the chance to be approved. Essentially, enter factual information on the Credit Application form about your current and previous loans.
Name
Enter your name.
Date Birth
Enter your birthdate.
SSN
Enter your social security number.
Current Address
Enter your current address.
Phone
Enter your phone number.
City
Enter your city.
State
Enter the state where you live.
ZIP
Enter your ZIP code.
Owned
Mark the circle if you own the house.
Rented
Mark the circle if you are renting.
Monthly Payment or rent
Enter your monthly or rental payment for the house.
How long?
Enter how long you have been living at your current address.
Previous Address
Enter your previous address.
Phone
Enter the phone number of your previous address.
City
Enter your previous city.
State
Enter the state where you previously lived.
ZIP
Enter your previous ZIP code.
Owned
Mark the circle if you owned your previous house.
Rented
Mark the circle if you rented your previous house.
Monthly Payment or rent
Enter your monthly or rental payment for your previous house.
How long?
Enter how long you lived at your previous address.
Employment Information
Current Employer
Enter your current employer's name.
How Long?
Enter how long you have been working at your current employer.
Employer Address
Enter your current employer's address.
Phone
Enter your current employer's phone number.
Position
Enter your current position in the company.
Hourly
Mark the circle if your salary in your current employer is hourly-based.
Salary
Mark the circle if you are paid a regular salary in your current employer.
Annual Income
Enter your annual income in your current employer.
Previous Employer
Enter your previous employer's name.
Address
Enter your previous employer's address.
How long?
Enter how long you worked at your previous employer.
Phone
Enter your previous employer's phone number.
Email
Enter your previous employer's email address.
Fax
Enter your previous employer's fax number.
Position
Enter your position in your previous employer.
Hourly
Mark the circle if your salary in your previous employer was hourly-based.
Salary
Mark the circle if you were paid a regular salary in your previous employer.
Annual Income
Enter your annual income in your previous employer.
Name and relationship of a relative not living with you
Enter the name of your relative who is not living with you and your relationship with him or her.
Address
Enter your relative's street address.
City
Enter your relative's city.
State
Enter the state where your relative lives.
ZIP
Enter your relative's ZIP code.
Phone
Enter your relative's phone number.
Co-Applicant Information, if for a joint account
This section must be filled out if you are applying for a joint account.
Name
Enter the co-applicant’s name.
Date Birth
Enter the co-applicant’s birthdate.
SSN
Enter the co-applicant’s social security number.
Current Address
Enter the co-applicant’s current address.
Phone
Enter the co-applicant’s current phone number.
City
Enter the co-applicant’s current city.
State
Enter the state where your co-applicant lives.
ZIP
Enter the co-applicant’s current ZIP code.
Owned
Mark the circle if your co-applicant owns the house.
Rented
Mark the circle if your co-applicant is renting.
Monthly Payment or rent
Enter your co-applicant’s monthly or rental payment for the house.
How long?
Enter how long your co-applicant has been living at his or her current address.
Previous Address
Enter the co-applicant’s previous address.
City
Enter the co-applicant’s previous city.
State
Enter the state where your co-applicant previously lived.
ZIP
Enter the co-applicant’s previous ZIP code.
Owned
Mark the circle if your co-applicant owned his or her previous house.
Rented
Mark the circle if your co-applicant rented his or her previous house.
Monthly Payment or rent
Enter your co-applicant’s monthly or rental payment for his or her previous house.
How long?
Enter how long your co-applicant lived at his or her previous address.
Employment Information
Current Employer
Enter the name of the co-applicant's current employer.
How Long?
Enter how long the co-applicant has been working at his or her current employer.
Employer Address
Enter the address of the co-applicant's current employer.
Phone
Enter the phone number of the co-applicant's current employer.
Position
Enter the co-applicant's position in his or her current employer.
Hourly
Mark the circle if the co-applicant's salary in his or her current employer is hourly-based.
Salary
Mark the circle if the co-applicant is paid a regular salary in his or her current employer.
Annual Income
Enter the co-applicant's annual income in his or her current employer.
Previous Employer
Enter the name of the co-applicant's previous employer.
Address
Enter the address of the co-applicant's previous employer.
Phone
Enter the phone number of the co-applicant's previous employer.
Email
Enter the email address of the co-applicant's previous employer.
Fax
Enter the fax number of the co-applicant's previous employer.
Position
Enter the co-applicant's position in his or her previous employer.
Hourly
Mark the circle if the co-applicant's salary in his or her previous employer was hourly-based.
Salary
Mark the circle if the co-applicant was paid a regular salary in his or her previous employer.
Annual Income
Enter the co-applicant's annual income in his or her previous employer.
Name and relationship of a relative not living with you
Enter the name of the co-applicant's relative who is not living with him or her and their relationship.
Address
Enter the address of the co-applicant's relative.
City
Enter the city of the co-applicant's relative.
State
Enter the state where your co-applicant's relative lives.
ZIP
Enter the ZIP code of the co-applicant's relative.
Phone
Enter the phone number of the co-applicant's relative.
Credit Cards
Enter your credit card details. If applying for a joint account, enter the credit card details of the co-applicant.
Name
Enter your credit card name.
Account No.
Enter your credit card account number.
Current Balance
Enter your current credit card balance.
Monthly Payment
Enter your monthly payment for your credit card.
Mortgage Company
Enter your mortgage details. If applying for a joint account, enter the mortgage details of the co-applicant.
Account No.
Enter your mortgage account number.
Address
Enter the address of the mortgage company.
Auto Loans
Enter your auto loans details. If applying for a joint account, enter the auto loans details of the co-applicant.
Auto Loans
Enter the name of your auto loan.
Account No.
Enter your auto loan account number.
Balance
Enter your remaining balance on your auto loan.
Monthly Payment
Enter your monthly payment for your auto loan.
Other Loans, Debts, or Obligations
Enter your other loans, debts, or obligations. If applying for a joint account, enter other loans, debts, or obligations of the co-applicant.
Description
Enter a description of your loan, debt, or obligation.
Account No.
Enter the account number of your loan, debt, or obligation.
Amount
Enter the amount of your loan, debt, or obligation.
Other Assets or Sources of Income
Enter your other assets or sources of income. If applying for a joint account, enter other assets or sources of income of the co-applicant.
Monthly Value $
Enter the monthly value of your assets or sources of income.
I/We authorize
Enter the name of the credit reporting agency.
Signature of Applicant
Enter your signature.
Date
Enter the date upon signing the Credit Application form.
Signature of Co-Applicant, if for joint account
Enter the co-applicant's signature if applying for a joint account.
Date
Enter the date upon signing the Credit Application form.
What is a credit rating agency?
A credit rating agency is a company that verifies and provides credit reports about bond and debt instrument issuers to investors and other credit companies. It rates bond issuers or borrowers based on their credit count and ability to meet their obligations.
Credit companies refer to credit rating agencies to look for borrowers' information. It helps them decide whether to reject or approve credit applications.
What are the basic requirements in applying for a credit card?
Before furnishing a Credit Application form, a borrower needs to have the basic requirements to get the approval of the credit card issuers.
- Legal Age — A borrower must be at least 18 years old to qualify for bond issuance. He or she must also have a source of income to pay for the credit card. Otherwise, he or she must provide a parent’s permit stating their awareness regarding the matter and the mode of payment.
- Social Security Number — A borrower needs to furnish a Social Security Number (SSN) to be eligible for credit applications. SSN is used to establish credit history, which is essential for credit card issuers for tracking and verification purposes.
- Source of Income — A valid source of income is needed to qualify for a credit application. It guarantees the credit card issuers the ability of a borrower to pay for his or her credits, debts, loans, or obligations.
- Positive credit history — A positive and clean credit history indicates how responsible and eligible a borrower is. With a clean credit history, it is easier for borrowers to get their credit applications approved.
