Definition: Prime borrowers are the group or borrowers who are considered the most credit-worthy, indicated by a FICO score greater than 720. Prime borrowers are qualified to borrow at the market's best interest rate as opposed to subprime borrowers who pay higher interest rates.
Prime borrowers aren't guaranteed a credit card or loan. Their income, debt, and other expenses are also considered in the application process. Prime borrowers can be turned down, in spite of their good credit, if they can't afford to repay the loan.
