A score on a PAPA-style tournament entry set that, at the time, scores some ranking points. However, as the qualification period wears on, the score gets passed by many players and becomes worth fewer and fewer ranking points. Eventually, it will be worth close to zero points when the qualification period is over.
Bleeders happen most often during the Late Night Beat Down.
Example: “I had three top 15 scores, a top 25 score and a 60th place score in my qualifying entry. That last one is going to be a bleeder.”