If You're Applying for a Credit Card, How Do You Show Proof of Income If You're a Freelancer?

[alvin777]

Hi. If you're applying at your bank and you want everything under your bank who require proof of income like the COE, ITR or payslip. With the emergence of the internet there are more freelancers earning from the internet who are self-employed but do not have a company nor are they employed at a company who need a card to help them out with earning through the internet or other freelance means (home computer repair for example).

 

But what if you're applying for a credit card, as a freelancer how do you show proof of income that is guaranteed be honored by the bank?

 

Gbu,

Alvin

[chexee]

Hi. If you're applying at your bank and you want everything under your bank who require proof of income like the COE, ITR or payslip. With the emergence of the internet there are more freelancers earning from the internet who are self-employed but do not have a company nor are they employed at a company who need a card to help them out with earning through the internet or other freelance means (home computer repair for example).

 

But what if you're applying for a credit card, as a freelancer how do you show proof of income that is guaranteed be honored by the bank?

 

Gbu,

Alvin

 

FreelanceSwitch has a great article on this: http://freelanceswitch.com/freelancing-ess...elance-problem/

 

The best way really is to keep all your records. Make sure to write detailed invoices and contracts and keep track of your bank statements.

 

Your bank statement and tax returns will be your go-to proof of insurance. I've heard for apartments and such (maybe not credit cards, but cant hurt to try) a contract with a client who makes recurring payments may also work.

 

I don't do a lot of projects at once (I've moved into more expensive projects, but not as many), so I use InvoiceMachine (the free version lets you send 3 invoices per month) to do my invoicing and Mint to keep track of my expenses. FreshBooks, Ronin, and Ballpark are more robust if you handle a higher volume of clients.

 

I went through about a six month period where I had to transition into supporting myself solely with freelance work after getting laid off (I'm a web designer). I'm was part time since I'm still in college, but I still had to deal with losing $1200/month income. Freelance Switch is pretty much my best friend.