My husband and I purchased a new car in 2019. We could have paid cash for it at that time but the salesman said if we financed it for at least four months and then pay it off at that time if we wished, we would receive rebates on the purchase. We agreed, and meet application for finance. My husband’s FICA Score was more than 830 and my FICA score was 823. All our bills are completely paid each month as they are due, many of which are auto-paid so that me never have a balance going forward.
To our actual shock, we were denied financing by two finance companies, claiming that we actually had no credit history as we never pay keep a running debt to be paid off at future dates. This absolutely made no sense to me. We canceled any financing applications and paid for the car in full.
My question is, in the future if I want to finance something, do I now have to partially pay some bills in order to prove that I can make payments monthly? How do I establish credit if I pay everything off every month and it’s entirety?