credit-application

Vocabulary Word

Definition

A 'credit application' is a document that you submit when you want to borrow money. It could be from a bank for a loan or from a company for a credit card. This document helps the lender decide if you're a good candidate for the loan.

Examples in Different Contexts

A credit application in banking is a request for credit, typically in the form of a loan or credit card. A banker might say, 'Each credit application goes through a rigorous review process to assess the applicant's creditworthiness.'

Practice Scenarios

Tech

Scenario:

Our credit application processing system has been experiencing delays due to a server issue. We need to address this problem immediately.

Response:

We should pause new credit applications until we've fixed the server issue.

Business

Scenario:

We are considering expanding our retail operations to another location. However, that'll require a significant initial investment.

Response:

That sounds like a major expansion. Have we started the credit application for this investment?