Growing up in River Falls, Rayder's interests did not originally lie in modeling. As a teenager, she moved to Minneapolis, Minnesota, a large city close to her hometown, where she was first approached by a model scout who spurred her interest in the industry. Her first major success came in 1992, when she met photographer Steven Meisel. Attracted by Rayder's charisma, Meisel booked her for a photo session, which became the first of many. Rayder's first session were soon featured in the magazine Italian Glamour.

Following her success, Rayder traveled to Miami Beach, New York, Paris, London, and Milan, working for a number of agencies such as Company, Women Model Management, Page 305, City Models, Take Two, Storm, and Why Not. Her advertisement portfolio includes Givenchy, Valentino, Lagerfeld, Chanel, Gucci, Dolce & Gabbana, Versace, DKNY, The Gap, and Tommy Hilfiger. Rayder has also worked for designers such as Anne Klein, Matthew Williamson, Zac Posen, Marc Jacobs, Donna Karan, Carolina Herrera, and Michael Kors, and appeared in a number of magazines, including Elle, Vogue, The Face, Photo, Harper's Bazaar, Allure, Rebel, and Marie-Claire. She was also featured in the 2005 and 2006 Sports Illustrated Swimuit Issue. Other appearances for Rayder have been the Victoria's Secret fashion show from 2000 to 2002, and a cameo role in the movie Zoolander.

Rayder's sister, Missy, models as well.