One of the little ironies in life is that as people attempt to cut down on paperwork using available technology and claims on ‘paperless office’ are made, you still have quite a bit of paperwork to tackle when applying for credit. Another fact is that the more complex a financial product is, the longer the credit application! Ironies aside, filling out a credit application is serious business and proper care needs to be taken to ensure all details are filled out clearly and legibly. This article tells you how…
Some credit applications can be filled online, such as those for simple products such as credit cards, personal loans or payday loans, etc; but a credit application for housing or business loans, line of credit, etc still need to be completed in real-time. A credit application is usually divided into several sections and each of these sections is discussed separately.
- Fill all fields provided in the application form, even if the information required is mentioned as non-mandatory. The more information you provide, the easier it is to get a credit approval.
- Ensure all information provided is true and supported by documentary evidence wherever applicable.
- Information provided is the latest, updated information.
- If certain fields are unclear, get them clarified before filling out any information.
- Unless otherwise specified, fill all fields in bold, capital letters.
This section will have the following fields: (i) Full name, including first and last names, middle name or initials; (ii) date and place of birth; (iii) name of father or spouse; (iv) current residential address with zip code; (v) permanent residential address (if different from the current address); (vi) telephone numbers – landline and mobile, home fax (if available); (vii) personal email address; (viii) highest educational qualifications; (ix) number of dependants; (x) type of residence and whether it is owned, leased or rented; (xi) number of years at current residence; (xii) details of identifying proof – driver’s license, passport or social security number and validity where available.
This section covers the following information: (i) Salaried or self-employed; (ii) name of the company/business; (iii) present designation/title; (iv) full address of the company/business with zip code; (v) telephone and fax numbers with extension, if any; (vi) official email address, if available; (vii) number of years at current employment; (viii) previous employment/business details (if current employment period is less than two years); (ix) declared income; (x) industry, segment or type of business.
This section will usually have the following fields: (i) details of bank account – type, bank/institution where account is held, number of years and account number, debit card details; (ii) details of other financial products such as credit cards, loans, etc – account numbers, lending institution/bank, expiry dates on credit cards, credit limits or loan amounts and loan tenure.
References – names and contact details of people who are not immediate family; if a co-signer is required, full details of such person, documents provided, signature(s) date and place of signing the credit application, are some of the other details to be filled in a credit application.
While filling a credit application is often quite simple, you should ensure adequate care and caution is taken in filling out all the details as discussed here.