Credit applications have become somewhat standardized over the years. Credit scores play a large role in determining whether an application is approved or denied, so banks and other credit providers ask at least for basic personal and employment information. For business loans or large amounts (typically over $50,000), additional information may be required.
Personal Information
This section will ask for name, home street address (P.O. boxes are not accepted), whether applicants rent or own their residence, date of birth, Social Security number and email address.
Employment and Income
Credit applications typically request information on employment income and history. You'll be asked for employer name, address and phone number and your annual salary. For loans or credit lines over $50,000, you may be asked for prior-year tax returns, personal financial statements and credit references.
Business-Loan Questions
Business loans are often guaranteed by an individual, so the initial questions are largely the same as for personal loans. But these applications typically go further and may request details such as business checking account information, schedule of real estate owned, three years of business and personal tax returns, and financial statements. They also generally request information on the type of business (e.g., corporation, limited partnership, sole proprietorship), tax ID number, business website address, annual revenues and net income, years in business and number of employees.
