A credit application is a formal request made by an individual or business to borrow money or obtain credit. This process typically involves providing personal information, such as income, employment history, and existing debts, to a lender or financial institution. The lender uses this information to assess the applicant's creditworthiness and determine whether to approve the request. Once the credit application is submitted, the lender reviews the applicant's credit history, which includes their credit score and past borrowing behavior. This evaluation helps the lender decide on the terms of the credit, such as the interest rate and repayment period, if approved.