It's financially prudent to resolve that you apply for a loan when you've bad credit score, only if there's no better option available, like debt consolidation.
Smart solution for anybody in debts, is to seek help from debt consolidation services' people, and get debt relief, before it's too late.

Doing all necessary steps in debt consolidation process, will help you prevent defaulting on loans, and harming your credit score. Bad credit loans are not only hard to secure, because of the current credit squeeze, but also carry a much higher interest rate than standard, or even debt consolidation loans.

It's wise to spend a few hundreds dollars for professional advice of debt mediators, before taking on a burden of a loan that's going to be difficult to repay on time.

Have you noticed the statistics showing that the American teenagers between
17 and 19 years old, are getting increasingly into bad debt? In fact,
their number has doubled, comparing 1992 and 2006. Yes, the "must
have" gadgets, like Ipods, latest cell phones, games consoles, etc. play
huge role here. But, you may ask where are their parent? Do they try to
implant... and maintain, some degree of financial astuteness. in their children?
Judging by the numbers, not. If this situation continues unchecked, in 10 or so
years, American society will be crippled by ever growing debt, with uneducated
members not knowing how to help themselves, and get into a financially sound
position.

Recently have read an article about how your mortgage repayments depend on your FICO score. In one example, of a 30-year fixed rate mortgage, the difference between 700 and 559 was 2.51%.
Huge difference, that on interest-only loans will lift your repayments by $2,510 yearly, for each $100,000 borrowed.
It's obvious now, how one has to stay away from bad credit and even poor credit will not save you, from paying extra money, that you could use for better purposes.
Yes, banks and financial institutions first get you into the debt, and when you fail, slap you with the bad credit stamp.
Then, they'll make you pay through the nose for yours and theirs faults and lack of financial prudency.