Creditworthy Law and Legal Definition
Creditworthy generally means characterized having as acceptable credit rating. The particular rating required to be considered creditworthy will vary by entity. Being creditworthy is indicative of being a responsible borrower, so that the likelihood of having a loan application accepted is increased.
The following is an example of a bank's definition of creditworthy:
Creditworthy is defined as having an established, satisfactory credit history; stable residence, income, and two-year employment history; and be a U.S. citizen or permanent resident that has been residing in the U.S. for the previous two years. If a student is applying as a creditworthy applicant, they will need to submit a letter from their employer stating expected continuation of income while enrolled in school.
