Patent ID: 8918338

Claim:
A computer implemented method for issuing instant credit to an Applicant using a computer, the method comprising: creating a database of source codes; receiving a credit application keyed in at an information input device; assigning by the computer a source code to the application; processing by the computer the application within an instant credit engine in real time, wherein the step of processing comprises the step of credit risk scoring using a dynamic scorecard based at least in part on the assigned source code, wherein the dynamic scorecard has a criteria of an instant credit record score that is changed based on information provided in the credit application; determining pricing of a credit product based on the assigned source code and the dynamic scorecard; and informing the Applicant of the pricing; wherein at least assigning the source code, processing the application, determining the pricing of the credit product, and informing the Applicant of the pricing are performed real time in response to receiving the keyed in credit application.