How does having bad credit affect one's ability to obtain loans, credit cards, or other financial products and services?

Having bad credit can make it difficult to obtain loans, credit cards, and other financial products and services. Lenders and creditors may view a low credit score as a sign of risk and be hesitant to lend money or extend credit to individuals with bad credit. If a person with bad credit is approved for a loan or credit card, they may be subject to higher interest rates and fees than someone with good credit. Additionally, some landlords and employers may also check credit reports as part of their application process, and having bad credit may make it harder to rent a home or get a job. Overall, having bad credit can limit financial opportunities and make it harder to achieve financial goals.