What classifies as “bad credit”?

The reason I am asking this, is because often times, lenders say that they welcome those with “bad credit”. However, when people with “bad credit” apply for the loans, they are often turned down, conicidentally, due to having “bad credit”. Maybe my questions should be, is there a such thing as “horrific credit”? If so, what are the signs that someone has it? Also, are there ANY lenders that approve this particular type of credit?

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