Does a joint loan increase the chance of being approved?

hulahoop_3

I have recently been declined for a loan with my bank based on my credit score. My partner (who has an excellent credit score) has offered to try a joint loan with me. We also have a joint account with this bank which is always in credit and very well run.

Does anyone know if taking a joint loan with someone who has a perfect credit rating this will actually improve the chances of being approved?

VIGILANT22

No chance...don't do it

Dan:_4

Yes, our bank would not give my partner a loan unless it was joint with me.

VIGILANT22

This is very unusual! normally where adverse credit is involved...if 1 person has adverse and the other is clean....it is a decline.....

CHR15

Just ask your partner to apply for a loan in his own name. Then you make a SO into his account to repay the money.

I'm not saying this is the right thing to do... far from it, but he needs to understand if the wheels fall off, this loan will be his to repay.

sulkisu

hulahoop wrote: »

I have recently been declined for a loan with my bank based on my credit score. My partner (who has an excellent credit score) has offered to try a joint loan with me. We also have a joint account with this bank which is always in credit and very well run.
QUOTE]

CHR15 wrote: »

Just ask your partner to apply for a loan in his own name. Then you make a SO into his account to repay the money.
.

If you care about your partner, don't ask him/let him do either of these things, even if he offers.