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Uncreditworthy

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Uncreditworthy
Describing a person or company unable to borrow money. An uncreditworthy person or company may have defaulted on a previous loan, overspent in the past and/or may not have sufficient history to establish credit. Individual creditworthiness is measured by the FICO score, while a company's or other organization's creditworthiness usually is measured by its credit rating.


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276) Naive, non-credit-checked, and in some cases clearly uncreditworthy borrowers not only received loans from these institutions, but often were lured with offers of newfangled ARMs, featuring low front-end "teaser" payments that later "ballooned.
Pimps and prostitutes get attention, but the serious side of ACORN is what it contributed to the financial crisis by bullying banks into giving mortgages to uncreditworthy applicants and the corruption the group has fostered with dubious voter-registration drives.
Second, highly liquid banks imprudently funneled cheap credit to uncreditworthy borrowers: the fiscally challenged and inflation-prone countries of Latin America and Africa ha the 1970s, the ninja (those with no income, no jobs, no assets) subprime mortgagees of the current crisis.
 
 
 
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