If it were just that easy, every co-op applicant would list $20 million in liquid assets, show a credit rating of 810 and have a closet -- financial or otherwise -- completely devoid of clanking, groaning skeletons. But it's not that easy.
Co-op boards have financial as well as social incentives to keep liars from infiltrating their clubs, so you should expect a double check on each and every thing you list in your application package. Yes, having an outsider troll through your past is like submitting to a cavity search, but the choice is yours -- if you don't want to be searched, apply elsewhere.
Specifically, it's tempting to try to sweep credit problems under the rug, but this is also one of the easiest rugs to lift. It's worth disclosing and, if possible, explaining credit problems up front, because you'll almost certainly be found out later [source: Romano].