For college admissions it stated for SAT tests there are no score cutoffs for standardized tests. What does this mean? That if you score low it won't affect your acceptance?

According to this site from Yale, it will take students with low scores (at least above the 25 percentile) if other factors outweigh the test scores. However, note the range of scores for their students.

http://admissions.yale.edu/what-yale-looks-for