Does imperfect credit make buying impossible?
Direct answer: Not necessarily. Credit history can affect available lenders, pricing and conditions, but income, debts, down payment, recent payment history and the reason for past issues may also matter.
Key learning points
- Obtain your credit reports and check them for errors.
- Keep all payments current and avoid unnecessary new credit applications.
- Ask which specific improvement would make the greatest difference before assuming you must wait.
This short video is a starting point, not an assessment of your personal circumstances. Mortgage approval depends on the lender, insurer where applicable, your documented finances and the property.
Start with the information in your credit reports
A credit score alone does not explain every issue in a credit file. Review your reports for account information, payment history and entries you do not recognize. If you find a mistake, gather supporting records and contact the credit bureau to dispute it.
For example, a payment recorded as late when you paid on time calls for checking the entry and your records. A payment that was actually missed calls for understanding what happened and keeping future payments current. The next step depends on the issue; neither case establishes mortgage eligibility on its own.
Prepare for a conversation about your options
- Bring your credit reports and a list of questions about any entries you do not understand.
- Ask how your current credit history affects the options available to you.
- Discuss practical next steps and how progress would be reassessed.
Use the Financial Consumer Agency of Canada's guides to checking credit reports for errors and improving your credit score for further background.
Keep learning
Written summary and preparation notes updated October 18, 2026. These notes support the topic and are not a verbatim video transcript.