People who have had money problems in the past may have problems getting approval for new financial products. Getting into these kinds of difficulties can result in an impaired or "bad" credit rating. This can simply make it extremely difficult to take out new products such as standard credit cards. Bad credit products may be an alternative.
What is Bad Credit?
Whenever a consumer takes out a financial account or a product such as a loan, mortgage or credit card this (and how they manage their account) will be listed on their credit record. This record is widely used by lenders to assess risk. So, when an individual applies for a new product or account the lender will look to see how they may have managed their money in the past.
People who make all their repayments as they should and who don't get into financial problems will generally have a good credit rating. Those who run into problems will be seen as having a bad rating. Problems that can turn up on a record include:
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