I was told it most definitely matters. Anyone have any experience with this? Thanks.
I think it depends on what state you're in. Some will pay more attention to this issue than others. There was a recent Ohio case where a guy was declined admission to the bar because he had something like $300k in debt, but I think that's unusual.
In most states I think what they're looking for is any indication that you've acted in a fraudulent manner or that you are irresponsible. For example, running up huge bills and then simply walking away or having multiple bankruptcies could raise red flags. In most cases I think bad credit alone is not going to be much of an issue, but you may have to explain it and it could hold up your application.
I have been told that some states like Florida do pay more attention to this than others. In California I seem to remember that the Moral Character application only required a credit report of you were currently behind on any bills.
Be sure to check with your state bar, though. They are the only source you should trust on these matters.