I never realized the astonishing number of people in this same 'bad credit boat'! It's amazing anyone ever gets a loan for anything! Whoever thought up this FICO score thing should be shot! It's the worst thing that ever hit this country. It was so much better when I could go to my local banker, he knew me, knew I had a good job, knew I was of good moral character and that was about all it took to get my loan. Contrary to popular belief, the FICO score is absolutely no indication of how responsibly a person handles their finances. It is basically and usually (although not always, some people are just deadbeats) just the luck of the draw. You take two people with outstanding credit. Scores in the high 700's. All of a sudden one of them becomes ill or loses a job. In a matter of 6 months that person's credit falls to the 400's and is still the same responsible person they were when their score was in the 700's. The only difference is bad luck. I just don't understand the unfairness of it all.
Irony... The irony is that FICO scores were developed to counter discrimination in credit granting. NOT create it.
