TransUnion CreditVision risk scores

When you know your credit score, you can determine what type of credit products are accessible.

Some credit score providers use TransUnion CreditVision risk scores. For example, this is the TransUnion credit score you see on Credit Karma.

TransUnion CreditVision risk scores divide Canadians into five risk categories based on their credit score range. This helps make lending decisions easier for the lender.

Under this scoring model, your borrower profile falls into one of the following categories:

  • Subprime: a credit score of 300-639
  • Near-prime: a credit score of 640-719
  • Prime: a credit score of 720-759
  • Prime plus: a credit score of 760-799
  • Super-prime: a credit score of 800+

Source: TransUnion CreditVision risk scores from the TransUnion Canada Financial Services Summit

These categories determine what kind of credit products and the level of interest rate you may qualify for.

TransUnion CreditVision risk scores: prime vs. subprime credit

Poor credit scores are considered subprime, while those with higher scores are classed as near-prime, prime, prime plus or super-prime.

Subprime: a credit score of 300-639

If you have a credit score between 300 and 639, you are considered a subprime borrower, and it won’t be easy to access credit products. You may have to make a down payment or provide collateral as security to access credit.

If you fall into this category, you will have fewer options available to you. Beware of predatory lending, where lenders offer unfair fees, rates and payments. These characteristics are common in payday loans.

Near-prime: a credit score of 640-719

If you have a credit score between 640 and 719, you are considered a near-prime borrower. You may have missed some payments and trying to rebuild your credit, so you may be subject to higher interest rates and less flexible terms when accessing credit.

Prime: a credit score of 720-759

If you have a credit score between 720 and 759, you are considered a prime borrower. This means you are low-risk because of your high credit score and stable credit history. You should be able to access a wide variety of credit products, including a mortgage.

You will pay slightly higher interest rates than borrowers with prime plus or super-prime because their credit score is not impeccable, meaning there is a slight risk.

Prime plus: a credit score of 760-799

If you have a credit score between 760 and 799, you are considered a prime-plus borrower. You should be able to access the best credit products available, along with lower interest rates, higher credit limits and favourable terms.

Super-prime: a credit score of 800+

If you have a credit score of at least 800, you are a super-prime borrower. As a super-prime borrower, expect to qualify for the best loans, credit cards and mortgages (with ‘A’ lenders) at the most favourable terms you can get.

Typically you will access high credit limits and the lowest interest rates. You may also find that you are offered incentives and exclusive offers.

Are these credit score ranges the same throughout Canada?

The scoring system and range used will vary depending on which credit bureau you use in Canada.

Equifax has a different scoring system which you can learn more about in our article about credit score ranges.

Other factors also determine creditworthiness. In addition to reviewing your credit report via a credit check, lenders may look at your employment status, income, expenses, debt-to-income ratio and alternative data sources to decide on a credit application.

Share this article