If primary contact has great credit on a personal loan app and cosigner has bad credit, can they get approved?

I have bad credit, around a score of 500. My boyfriend has excellent credit, owns his own home, his own car, was approved for a line of credit of 25000 on his own...etc. Together we make about $100k a year. We recently applied for a joint line of credit (revolving personal loan) where I was listed as the primary applicant and he was listed as the cosigner. We were denied without them even checking his credit because they said that I have unpaid collection items on my credit report. (These are from 7 years ago and are about to fall off of my credit report). The lady then told us that we would be denied on any application that I was on because of the unpaid chargeoffs. Someone from the same bank that we spoke to last week said that the way we could get approved is if we put my boyfriend on as the primary and put me on as the cosigner. Anyone have experience with that? I thought a cosigner was supposed to help someone with negative credit get approved?

2 years ago - 2 answers