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Thread: Does having a day job make getting credit easier?

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    Default Does having a day job make getting credit easier?

    Just wondering if any of you out there keep at least a part-time day job so you can have an easier time getting credit, renting or buying a place to live, getting insurance, etc.? It would seem like, at an average work week of 3-4 evenings, you could do this. I'd love to hear your thoughts and your practical experience.

    I have had my own business for 3 years and it made getting credit/maintaining good credit so difficult. I now have a full time "day job" and I'm thinking I look much better to credit agencies already.

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    Banned Melonie's Avatar
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    Default Re: Does having a day job make getting credit easier?

    A lot of 'if's' go into creditworthiness assessments. The following credit bureau type questions come immediately to mind ...

    " how much job security does this part-time day job carry" ?
    " how much after tax income does this part-time job actually pay" ?
    " how likely is this person to want to keep working at this part-time day job" ?

    Obviously, the specific nature of the job in question would make all the difference in regard to positive/negative affects on creditworthiness.

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    Default Re: Does having a day job make getting credit easier?

    It's better than nothing, that's about all you can say.

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    Default Re: Does having a day job make getting credit easier?

    OK, perhaps I didn't phrase that one right... I guess what I meant to ask was, as a dancer, you're a small business owner. Being "self employed" usually immediately means you're a credit risk unless you can show two years' taxes. I was thinking that having a regular job would keep one from having the "insta-uncreditworthy" stigma attached while one is working on building those two years' worth of "in the black" self-employment records. Perhaps this is not a big concern for most starting dancers?

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    Default Re: Does having a day job make getting credit easier?

    Ok Assuming that being self employed equals the instant credit un-worthiness you imply then Mels three questions still apply as to if it is worthwhile or not.

    It is still true to say, at a minumum tha it is better than nothing.

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    Default Re: Does having a day job make getting credit easier?

    Its why I have an LLC myself and its a front company. It allows me to write alot of stuff off. More than I just could from dancing. And when I apply for credit it helps alot. I have my tax returns that shows that between 19 and 23 I averaged more than 75000 a year in income, I get credit pretty easy which is why I have a 700+ score and got 0% on my Jetta.
    AmyLynne

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    Default Re: Does having a day job make getting credit easier?

    Amylynnej, how exactly do you go about getting an LLC? And what type of business to you have to say you have? Did you also have to file for a EIN #?

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    Senior Member DanMorris95156's Avatar
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    Default Re: Does having a day job make getting credit easier?

    Dear Rare -

    Although not Amylynnej - in California the forming of a LLC is a one page form with the secretary of state. However I would advise that you either consult Nolo Press or an advisor as CA has some issues with LLC's, most notably a minimum tax of $800 that is required regardless of your income and doesn't stop until you officially close the LLC with the Secretary of State.

    As a general rule an LLC is allowed for any business in CA excpet for varioius regulated companies and some professions (e.g. accounting, law, engineering, medicine, etc. {they may use a formation called a LLP}). The business purpose is quite broad.

    Once formed, you will apply for a federal EIN and you will file federal partnership tax returns (if you have partners) and/or a schedule C for a single member LLC).

    For employment purposes, oftentimes an S-Corporation can provide easier employment documentation and provide lower self-employment (Social Security) taxes. It also has minimum taxes and similar closing practices, but a single owner recieves the paycheck/ownership benefits many entertainers and adult related workers are searching for.

    Should you have any other questions, feel free to send me a note.

    Regards,

    Dan
    Daniel D. Morris, CPA
    [email protected]

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