Is it really that hard for strippers to get credit?

I think that anytime that you cannot show proof of income, It's going to be tough to get a credit card. Oddly My daughter and I use the same credit union for banking. We both just got increases in our credit card limits. Mine went to $8500 and hers went to $26500. I make more than 3 times what she makes but I am unemployed(retired).

IMO a lot of strippers do the initial easy credit cards, don't pay on them, and ruin their credit

Ya, it's not that strippers don't have credit -- it's that they have a very poor credit record

Many people who work under the table and don't report their income find it hard to get credit or to rent apartments. Guy I know in San Jose tried to start a commune in a big old house, for artists and for musicians like himself. They were going to have a "Bike Kitchen", tools you can use and expert help, too.

SJG

Ford Class
http://www.thefordclass.com/cvn78/index.…

See the dry docks.
Use zoom outs and changing back to maps to see where this is.

Newport News Shipbuilding
https://www.google.com/maps/place/Newpor…

Huffy
http://www.divinesecretsofadomesticdiva.…

Here is a hilarious movie about a Rev. Ike sort of a character:
http://www.imdb.com/title/tt0065579/

They show some of it here, watch how he drives into town in a Rolls followed by an armored car to hold the money.
https://www.youtube.com/watch?v=Vq5wk9Lx…

https://www.pleaserusa.com/ProductDetail…

https://www.pleaserusa.com/ProductDetail…

Sophisticated Lady - Duke Ellington
https://www.youtube.com/watch?v=brqxEdws…

https://www.youtube.com/watch?v=aJVACQHI…

This has a really interesting melody and harmony. There are fusion jazz versions of this, and they are instantly recognizable, even without the lyrics. This version makes a pleasant change to the lyrics. To my ear, they must have some sort of pickup and amplification on the wood bass, order to get more sustain.
https://www.youtube.com/watch?v=-wc957do…

apparently, yeah, i've come across several really beautiful dancers who were only dancers just long enough to buy cars, then immediately quit

I don't ever remember submitting proof of income for any of my cards. Maybe a phone number which i don't know if they really call. You can always lie or use some euphemistic job description.

that's b/c you were pre-qualified, the three credit reporting agencies track your employment history, your residential history and your payment history for starters. doesn't everyone know this?

Yes. If one can't manage to have a mobile phone for two months in a row without fucking it up somehow, that bodes ill for getting credit.

related: Yes, of course, you should cosign for her getting a car! What could possibly go wrong? The banks just have it out for her because nobody makes it rain on the loan officers and they're jealous. Bitches.

It all depends on their habits. Unsecured debt rarely needs proof of income, it uses stated income. It is very easy to build unsecured debt into a set of 800 FICO scores.

Millions of Americans purchase homes with 1099 income.

So it depends on their habits.

Yes, you are correct, back in the 90's if you had a pulse you could get a credit card. I specially remember on college (I went during the 90's) there were always companies on campus peddling cards. Every kid got one every semester with a low limit of $500-$1,000 and BAM, you just graduated with $5,000 worth of credit card debit.

Fast forward to the great recession and banks everywhere were tightening their belts, making credit harder to get.

Not all 1099 income is created/treated equally by creditors. And strippers like to enjoy the "tax free" status of their cash income by not reporting it, until they want to rent a real apartment or finance/lease a car, and the person they are dealing with asks for proof of income.

Heck, I've had strippers and SBs (the ones doing it out of financial desperation) tell me they can't even get a checking account at a bank because their credit is so bad.

It’s not hard for young people to have no credit, or bad credit. The main contributors to credit score are average life of credit (having cards for a long time), having a high limit, high availability(income to debt), and payment history. Some who gets a 500 credit card, makes some late payments, and then cancels it, will have fairly bad (not terrible) credit.

Then there’s stuff like overdrawing a bank acct and just never addressing it, vacating leases, and have cars repossessed. I also know dancers with unpaid medical bills and school loans. I don’t know how that stuff affects credit score, but it can’t help. If the girls are on public assistance, they probably don’t report any income either.

To buy a house, 1099 employees have to report for several years to use their income. I have heard that girls can buy a car on credit with just deposit history to a bank acct, but they probably aren’t getting the best rates with that sort of in house financing.

Strippers can get credit cards - if they are consistent in making their payments (on time) and they consistently report income. If a stripper has a $500 credit card - and she uses it - and pays off her balances - she’s establishing a credit history. This is very important. Developing a consistent pattern of using a credit card - and paying down the balances (on time) will show a credit officer a positive history.

If a stripper wants to avoid paying taxes - and she decides to underreport income - she might not show the proper income to justify paying off her purchases. That will raise questions in the mind of a credit officer - or in a credit algorithm.

I’d recommend attempting to keep credit ratings in good shape. I work in a bank, and I see the differences in what folks who pay on time are charged vs those who consistently are late (or who have bad debts). A person with great credit will qualify for lower interest rates - and if carrying a balance from month to month - that can make a big difference.

After the recession of 2008/2009 the availability of commercial paper dried up significantly. So our ability to issue unsecured debt was minimal. That forced us to pull back on lending. As credit has become more available - we’ve basically created tiers where the top tier pays a very low rate - and has other perks to retain those customers. The middle and low tiers are going to feel the pain with higher rates - and no perks (which includes them paying a yearly fee to just keep their charging open).

I think many folks might use debit cards to bypass the need to establish credit. That way they are drawing against their own balances - which is basically writing a check.

Actually the most important contributor to credit score is payment history (around 35%). Just one late payment (30 days) can drop a score 50 points or more depending on how high you start. It's a big deal. Even more if it's a mortgage or car payment. A completely missed payment even more.The banks get very nervous when a customer is late or doesn't pay just like landlords. The next largest contributor (around 30%) is debt utilization. If you only have a credit line of $1000 and you owe $1000 that's a very bad sign. The people that "need" to use their credit the most are the most likely not to pay it. Ideally they want you to keep is lower than 10%, and even 5% of less if the total limit is high. 30% can be acceptable if the credit line is pretty low, but they want it low as possible. All the other things are much smaller pieces of the pie. Things like credit inquiries, especially cold hard applications for credit indicating a person needs more credit (10%), length of history (15%), the number of open accounts and the type of credit make up the last 10%. So you can have an A-tier score or close in your first few years of having credit. Enough with the financial lesson, but every credit card site i have an account with has free credit score updates with explanations of how they're calculated.

^ and you wonder why strippers have a hard time getting credit?

^ I honestly don't know. Sometimes i forget what stripper psychology is like. The key is being responsible. I don't know if the strip club/business tends to attract girls that just aren't responsible. I had no job or steady decent income from the time i went to college to the time i was 22-23, but already had a credit score in the mid 700s and a total line of well over $20,000 by that time. I know times are different now, but it wasn't hard at all for me. And back then i didn't know what you had to do to get a good credit score. On paper all a girl has to do is get one $500 card or even a store card or a gas station card with fuel rewards and just buy something small (even just gasoline or groceries or food) and pay that off every month. A few months later, automatic increase and higher score. She can save a few thousand dollars and buy a used car (around $6,000 or so, which isn't a half bad car these days if she does her research) and put half down and/or trade in a junker and she should have no trouble qualifying for an auto loan since the value of the car she buys should always be higher than what she owes assuming she makes her small payments (say $3000 over 24 months or about $150 at 12% interest, taken directly out of her checking/banking account in the middle of the month) on time and doesn't trash the car. Hopefully she always keeps a few hundred left in her checking account. Once that's paid off (she can always pay it off earlier, but in this case, it might be worth the cost of interest to build her credit) she could have even more pre-qualified offers of credit, increased lines and a decent if not excellent credit score. Theoretically...

But i guess part of having good credit is managing your money well. Strippers in general just don't seem to know how to do this. Maybe some combination of lack of spending discipline and just unpredictable income make this harder.

LDK - I hope you returned them after your LDK. Tell the store manager that someone apparently squirted soft soap in the crotch area of your sweats - and you didn’t notice until you put them on - and you were quite embarrassed to find a stain in such a location...

My ATF had no credit, and had a section 8 apartment. Far as I know, she likely got food stamps as well. Stashed away her cash. I even told her where she could get a safe deposit box not in a bank.

When she was buying a new truck, she had to work out someway to pay in cash without divulging her identify. No idea how she did that. Perhaps her boy friend.

How she ended up getting a beach condo and a new Porsche, no idea. I'd lost most contact with her by then, but I picked her up at the condo once and saw her Porsche.

There was a time after her dancing that she was a registered real estate broker, so maybe she used that as a front.

I've only talked about credit with one stripper and found out she got denied for a Care Credit card. When she told me I didn't really know what to say.

I felt sorry for her, because my coworker turned me on to how it works, what it's used for and I got approved. At the time my credit score was in the mid 600s and high utilization.

Pre 2008 recession it seemed the more you owed the more credit they wanted to give you to hang yourself with

Maybe I'm wrong about this but I'd guess that for most dancers, stripping was not their first career choice. This was simply a means to an end because they came into the industry with their share of financial problems. Also, people who get paid daily (eg waiter, handyman, traveling musician) tend to be less responsible with money. If you blow all of your money today you tell yourself that you'll just hustle a little harder tomorrow to make up the difference. But you keep saying that day after day until the 1st of the month and you have to take a payday loan to just to get your bills paid.

I have no idea about having trouble getting credit. I have more beef with all the mail I keep getting for new credit offers. I know a phone call will cut out most of that for 5 years. I'm now getting credit card offers mailed in my name at a relatives address. Kind of annoying since I don't want those offers stopped for 5 years, I want them stopped permanently at that address. Side effect from my name being added to one piece of financial information at a different address.

JackScott makes a good point. The money/credit issues may be the reasons many girls fall into dancing. The stripper lifestyle might then contribute to a credit rating already in decline.

One of the most important things that an analyst is looking for is consistency. Consistently paying credit card bills, cell phone bills, loan payments, medical bills, etc. I think with the ease of asking PL’s for money - and the fact that there is never usually a need for them to repay the PL - can lead to a minimal sense of urgency in repaying legitimate bills. This can spiral and cause some girls to pay cash for most everything - as it’s just easier to get money from the Bank of the PL. It’s similar to daughters who go to the National Bank of Dad - whenever they need money. It’s easy - but it doesn’t build a consistent pattern of responsible payment.

You're right about that consistency. When I applied for a mortgage, they cared less about my credit score and more about my habits. They asked to see my bank statements because it told them the story about how I handle my money. They can see when I get paid via direct deposit and then they can see how often I pay my bills. For instance, if they see that I pay my utilities every 2 to 3 months, that's indicative that I wait for the cut-off notice to arrive before paying. If they see that I empty my bank account every payday, it's indicative that I'm living paycheck to paycheck and/or I'm broke by the following Monday.