My fiancé is a mortgage banker and they check his credit quarterly. He has one late payment from 6 years ago and once a year he has to write a letter explaining why. It's simple, he just write 2 sentences saying "I forgot, oops." While I don't believe it's a law to have a good credit score, most major finance companies require it. Theory being how can he give others finance advice if he can't handle his own. Obviously we know that's now always the case. The standards are still pretty low, I think his company requires a 620 and 2 years post any charge-off or bankruptcy to be hired. I'm not 100% sure of the protocol once you're employed. I know a coworker/friend of his recently filed BK due to a crappy housing investment. He had to jump through some hoops, take classes, and write an explanation that went in front of a review board. As a human, I would feel like a piece of sxxt if that was me. Like please explain how you're in this financial disaster, someone will review it and maybe you get to keep your job. Oh and through this process a dozen more people will learn you're filing BK. Ugh.
Thanks for the replies, especially the past couple of posts. It just seems likely you would have decent credit if you are in the decision making process.
Not sure I buy that story. I have oustanding credit and was turned down for refinanace by Citizens Bank when they were around because I had too many inquries in a year, very stable employment, and a low DTI, so how can someone with less credentials turn me or anyone else down? That was pre housing market bust.