To know whether bad credit is really bad for you, you need to know what actually bad credits are. Bad credit is a situation in which a person or firm has terrible credit. That means they have previously had trouble repaying a loan, and a financial institution may consider that lending them money is risky.
In other words, you’re more likely to default on your credit obligations if you have a bad credit history. Therefore, if you have bad credit most of the money lenders prefer not to provide you a loan. So, in such a way having bad credit is not good at all. But there are some cases in which people have not defaulted any credit obligation but still, they have bad credit. This is because they do not have income proof and their income is below the benchmark required not to be called a credit defaulter.