What does the term bad credit mean? - Limited/Bad/Fair Credit Questions

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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » What does the term bad credit mean?

What does the term bad credit mean?

Answered on

The term bad credit refers to the poor or below average status of an individual’s financial stability. This poor score could be a result of default payments, too many loans and consumers who still apply for additional loans or inability to repay the credit taken. Every time one of these situations occurs there is a negative score on a individual’s credit score and credit rating.

Banks, Housing loan financial organizations, credit card issuers all look at an individualбпs credit score and credit history. This is the deciding factor that helps banks approve a loan or credit or disapprove it. In other words a bad credit only equates to disapproval of loans or any form of financial credit.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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