Why credit application?
Credit application is given to request more credit to be given to the applicant. This request can be made in written or just can be made orally. The extension of credit is asked for various purposes that have to be fulfilled and cannot be done with the present amount sanctioned. The credit application form has all the information pertaining to you, your bank account, your salary, your annual income, your employment status and each and every thing that may be required to make certain that you will be able to repay the amount that you are asking the crediting company to credit to you.
Contents of credit application form
- Name: the name of the individual who is taking the credit
- Address: address of the individual
- Residential status: this determines if you the property you live in or you re ling in rented house
- Contact: contact information of the individual in case there is nonpayment or some documentation problem
- Occupation of the individual : information about what do you do for a living
- Current employment status: if you have a job right now
- Monthly salary (approx.)
- Other information regarding source of income
- Declaration that the information you provided through this credit application form is correct.
You could also ask for credit as a joint applicant with someone. All the information that you provide to the credit company is verified first the according your credit history. The company will extend or not extend you application.