Working As A Cam Model And Loans From The Bank

[Kamrynxstarr]

So Is it Possible to get a loan from a bank as a cam girl ? I haven’t started my credit yet and I’ve been cammining since I was 18 so I just turned in my 2020 taxes to be done (ik im late) but I really don’t have a good person to look up to for stuff like this because nobody I know is in my line of work but I’ve been saving for a car and I was thinking I could possibly get a loan and start my credit that way? Or what would be the best way to start my credit. I’ve applied to American Express but they denied me and said they were sending a letter out but idk helpppppppp

 

[Omne35]

So Is it Possible to get a loan from a bank as a cam girl ? I haven’t started my credit yet and I’ve been cammining since I was 18 so I just turned in my 2020 taxes to be done (ik im late) but I really don’t have a good person to look up to for stuff like this because nobody I know is in my line of work but I’ve been saving for a car and I was thinking I could possibly get a loan and start my credit that way? Or what would be the best way to start my credit. I’ve applied to American Express but they denied me and said they were sending a letter out but idk helpppppppp

I don't know about cams specifically but most banks want to see three years of tax returns before approving things like car loans and mortgages.

 

[cbhours]

So Is it Possible to get a loan from a bank as a cam girl ? I haven’t started my credit yet and I’ve been cammining since I was 18 so I just turned in my 2020 taxes to be done (ik im late) but I really don’t have a good person to look up to for stuff like this because nobody I know is in my line of work but I’ve been saving for a car and I was thinking I could possibly get a loan and start my credit that way? Or what would be the best way to start my credit. I’ve applied to American Express but they denied me and said they were sending a letter out but idk helpppppppp

Try an Amazon store card and if that doesn't work then an Amazon secured store card.

I don't know about cams specifically but most banks want to see three years of tax returns before approving things like car loans and mortgages.

Isn't it two years?

 

[James_and_Aiden]

You’ll require 2-3 years tax returns. Your income will need to be pretty consistent for most lenders.

Due to the past few years, I don’t think any model has had any consistency compared to pre-pandemic.

Personally, I’d avoid credit and any credit cards, unless your income is above $50,000 per annum.

 

[Kamrynxstarr]

so I should not start my credit now I should wait. im now almost 20 and trying to move out. Yeah your right with the consistency part bc I used to make $500 a day just on snapchat alone and that's like what I make in a night camming now.

 

[cbhours]

Having credit cards early is handy for building credit as long as you are responsible with it and pay off the statement balance every month. Every 6 months you apply for a credit increase and you do this like clockwork. Make sure any card you pick has no annual fees or anything weird like that and make sure to use the card every now and then to keep them from closing it for inactivity.

 

[ArcticKitty]

As an American, your best option is to join a credit union and do your banking there. Credit unions are cooperatives and the members are actually the owners, so they are set up to serve their members, not rip off customers for profit as commercial banks are incentivised to. They lend to members at rates and terms, including car loans, and pay interest at competitive rates. You may also get a better rate on insurance if they are affiliated with a mutual insurance company.

it's not difficult to get a credit card or a debit card with a line of credit. You can establish a history just by making purchases with the card and paying promptly (no point in paying interest if you don't have to).

You can just list your occupation as a free lance model/independent contractor when you open your account. You're like anyone else who is self-employed and can show a legitimate source of income.

And you really want to see your credit report and score so you know what potential lenders see. You can request a report from credit rating agencies like Experian for free every year.

Credit Reports and Scores | USAGov

Find out how to get your credit report, make corrections, and more.

www.usa.gov

 

[ArcticKitty]

Also, good advice here:

How to Avoid Credit Problems When Self-Employed

Building up a good credit rating when self-employed isn’t the easiest of tasks – by definition, self-employment isn’t perceived as secure as regular employment, and work can either be feast or famine (though there are some good ways to minimize this). However, if you want to borrow money, you’ll...

www.bidsketch.com

 

[Kamrynxstarr]

So that's what I was wanting a card for was building credit and I will look into the credit union thing. I was going to get a credit card and use it for stuff like gas and my phone bill things that I know I will pay and won't worry

 

[Kamrynxstarr]

bc I haven't started it yet and im almost 20 so I just wanna get it started

 

[Sashacurves]

Great idea getting this sorted at your age so you've got a good credit history. Just be careful applying to too many that may reject you because it only takes 2-3 different companies running a credit check on you to ruin your credit score. A very unfair catch 22 I found out the hard way! Look for companies that offer credit cards on a pre-approved basis

 

[Omne35]

Try an Amazon store card and if that doesn't work then an Amazon secured store card.


Isn't it two years?

Depends on the bank I suppose, I've only seen three years.

 

[ArcticKitty]

bc I haven't started it yet and im almost 20 so I just wanna get it started

This is also a good time to start investing for your future, preferably through an IRA (Individual Retirement Account), which is tax advantaged. You can start with very little money and add to it over time.

The best long-term investments for almost everyone are stock index funds, which simply track an index that represents the market or a segment of it and hold stocks in proportion to their weight in the index, and a US Treasury bond index fund. Index funds are the best choice for investing because someone simply buying the market and holding it consistently outperforms most other investors. And over time outperforms by a wide margin.

Just something to think about.

 

[Kamrynxstarr]

I tried American Express and Lorddddd this is so much information to take in if anyone could kinda help me step by step ideally appreciate that

 

[cbhours]

I tried American Express and Lorddddd this is so much information to take in if anyone could kinda help me step by step ideally appreciate that

Since you tried american express already and it was declined I wouldn't try another regular credit card. If you have 200 dollars extra that you can afford to leave on a credit card you can get a secured credit card like a "discover it" card: https://www.discover.com/credit-cards/secured/ they say they start doing automatic reviews after you use the card for 7 months to see if they can refund your deposit and transition you to an unsecured line of credit (normal credit card)

 

[ArcticKitty]

I tried American Express and Lorddddd this is so much information to take in if anyone could kinda help me step by step ideally appreciate that

A simple way You can start off is by going to a bank or credit union and open a checking and/or savings account and get a secured credit card (you make a security deposit for the amount of credit authorised). Just explain to the service representative what you want and they will walk you through it. If you already have a bank account you may want to go and get a secured credit card or ask them to give you a line of credit on your debit card.

With a secured credit card, give it 6 months time by when you will have a credit history and score, then ask your bank or credit union (credit unions are often faster and more accommodating) to upgrade your card to unsecured. You'll get your security deposit back. A few months after that, request a limit increase. With that and a solid payment history, you should be established.

 

[cbhours]

A simple way You can start off is by going to a bank or credit union and open a checking and/or savings account and get a secured credit card (you make a security deposit for the amount of credit authorised). Just explain to the service representative what you want and they will walk you through it. If you already have a bank account you may want to go and get a secured credit card or ask them to give you a line of credit on your debit card.

With a secured credit card, give it 6 months time by when you will have a credit history and score, then ask your bank or credit union (credit unions are often faster and more accommodating) to upgrade your card to unsecured. You'll get your security deposit back. A few months after that, request a limit increase. With that and a solid payment history, you should be established.

think the discover secured card would be a better choice since not every bank/credit union offers automatic payment options nor online credit line increases that can be done without calling. (with the assumption that she is paying off statement balance every month).

 

[ArcticKitty]

think the discover secured card would be a better choice since not every bank/credit union offers automatic payment options nor online credit line increases that can be done without calling. (with the assumption that she is paying off statement balance every month).

You may be right. But for the bigger picture of establishing solid credit and being bankable I think that establishing a relationship with a bank/CU is in one's best interest. This is especially the case for people who are self-employed, for obvious reasons.

 

[KylieJacobs]

I tried American Express and Lorddddd this is so much information to take in if anyone could kinda help me step by step ideally appreciate that

I think American express is one of the more difficult credit cards to get if you have no credit or a low credit score.


As far as car loans go, I didn't have any trouble buying a new car last year. I have been in the industry for several years though.

 

[Kamrynxstarr]

so should I go to my local credit union or try a credit card ?

 

[cbhours]

so should I go to my local credit union or try a credit card ?

If it was me i'd try an amazon store card but I use amazon a lot and that 5% bonus adds up but if you dont qualify for that either then i'd go with a secured credit card of some sort, a secure card means that you deposit money and they use that as your credit limit.

 

[ArcticKitty]

so should I go to my local credit union or try a credit card ?

It's entirely up to you. I have a Visa card issued by my credit union and a Mastercard from Barclays. Amazon has slightly greater discounts on purchases from Amazon and Whole Foods. Being a credit union member gives you access to real loans on better terms (auto, mortgage/home equity/improvement, small business), often easier than a bank. This is on top of slightly better rates on savings and lower fees than commercial banks, including no surcharge on ATMs and free checking.

 

[maskedsissyslutforyou]

Store cards are supposed to be easier to get. AmEx is one of the hardest to get.

And a few of the store cards give 5% discounts when used in the store (target and amazon are the ones I know have done/are doing that in the US, likely others do the same). And if that store is someplace you regularly shop the discount is an added bonus. So investigate if someplace you shop often has a store card that also has a discount, that will at least start to get you a good credit history as long as you reliably pay them on time.

 

[ArcticKitty]

so should I go to my local credit union or try a credit card ?

I just realised that I left out the obvious in my reply: Why Not Both?