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no-good (adj.)

"useless, valueless," 1908, from phrase no good "good for nothing." As a noun, recorded by 1924; the variant no-goodnik (see -nik) is attested by 1959.

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Definitions of no-good from WordNet

no-good (adj.)
without merit; of little or no value or use;
the car was a no-good piece of junk
Synonyms: good-for-nothing / good-for-naught / meritless / no-account / no-count / sorry
no-good (adj.)
returned for lack of funds;
a no-good check
Synonyms: rubber
From wordnet.princeton.edu