Credit Application Requirements

Credit Application Requirements
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Depending on the type of credit you are applying for, several types of information are required for the application process. Credit card applications, many car loan applications and other rather "quick" forms of credit often require information that can be provided on the spur of the moment. Other types of loans, such as large personal loans and mortgages, often require substantial information and paperwork as part of the application process. By being prepared before beginning the application, the entire process can progress more smoothly and quickly.

Personal Information

All loans require a certain amount of personal information. The application must include the name of the potential borrower, spousal information, primary residential address and contact information. A Social Security number is necessary in order to run a check of credit reports and scores.

Employment and Income Information

The vast majority of credit applications require employment information that includes the name of the employer and years on the job. Most applications ask for contact information for a supervisor or boss in order to verify employment and salary information. The ability to pay back a loan is closely tied to employment. Special circumstances include the self-employed and those living on annuities, trust funds and retirement savings. Though rare, no-document or low-document loans only require salary information and do not look into the source of income for an applicant. These loans feature higher interest rates and are usually sought by the self-employed.

Mortgages will often require copies of recent pay stubs detailing earning information. Some applications ask for two months of pay stubs. If trying to prove consistent overtime earnings or earnings from various employers, more stubs may be required that span up to a year.


Most loans ask applicants to list one or more references. Some applications take any type of reference, while others specify that the reference not be an employer or relative.

Residential Status

Applications often ask the residential status of a potential borrower. If the borrower lives in a rental property, they will often be asked to provide contact information for a landlord or property manager. Homeowners will be asked to provide information as to how long they have owned the property. Both will usually need to account for how much the rent or mortgage payment is per month.

Checking and Savings Accounts

Banking information ranges from simply providing where accounts are held and how much is in the accounts to providing account numbers and copies of statements. Mortgage applications often require up to six months of bank statements.

Investment Portfolio

Mortgage applications often require the addition of other financial information, such as stocks, bonds and retirement accounts. Additional income sources, such as rental properties, may also be included under sections that ask for additional income sources.

Income Tax Statements

Mortgages and large, personal loans often require the addition of two years of income tax statements to the loan application. This helps to verify the income of the potential borrower. Self-employed applications may need to provide tax statements for more than two years.

Credit Information

Many loans ask for a list of current credit obligations. The name of the lender, the account number, the principal balance and the monthly payment amount should be listed on the application. This helps the lender to quickly calculate the debt to income ratio of the potential borrower.