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The video tutorial explains the key differences between a consumer credit application and a job application. Both applications require similar information, such as your Social Security number, address, and references. However, the primary distinction lies in their purpose: a consumer credit application is a request for immediate access to an extension of your own money, while a job application involves seeking employment to earn your money through manual labor. Thus, both applications can be seen as requests for an extension, but they serve different financial and employment goals.