Credit Application

A form to be completed by an applicant for a credit account, giving sufficient details (residence, employment, income, and existing debt) to allow the seller to establish the applicant's creditworthiness. Sometimes, an application fee is charged to cover the cost of loan processing.

Also known as a loan application, which is given to a potential borrower to provide details about his or her credit worthiness, which includes details about residence, employment, income, and existing debt. Sometimes, an application fee is charged to cover the cost of loan processing.