IndianaPilot
Well-Known Member
Yeah GaTech i see what he's saying about looking at it realisticly.....but.....it has to work somehow. I just keep reminding myself...there are guys out there doing it....there IS a way. So why give up ??
How difficult is it to get financing?
- Thread starter Heath
- Start date
SmitteyB
Well-Known Member
I really don't think it is as impossible as he is saying. If it's a second job, so be it. I will do whatever it takes to get to a scheduled carrier. I agree that being an ATP instructor definitely sucks if you've got a payment that big coming. But hell...what do I know?
aloft
New Member
[ QUOTE ]
Minor point to the overall theme of debt sucks, but it seems to me that you took too much out for taxes.
[/ QUOTE ]
If anything, I didn't take out enough. "Independent Contractor" means you'll pay 15.3% just in Social Security/Self Employment taxes. Your state and federal income taxes are on top of that.
Minor point to the overall theme of debt sucks, but it seems to me that you took too much out for taxes.
[/ QUOTE ]
If anything, I didn't take out enough. "Independent Contractor" means you'll pay 15.3% just in Social Security/Self Employment taxes. Your state and federal income taxes are on top of that.
Heath
Well-Known Member
I just wanted to post my personal experience to kind of help others and get this post back on topic.
I worked for 10 years in the insurance industry. The money can be really good, but it can also be much like a CFI's, especially when starting out at a job on 100% commission.
A few years ago, I decided to quit my salaried job with an insurance company and become a commissioned agent/consultant. It was REALLY hard at first, only getting paid when you sold something and then having to wait 30-60 days for a policy to get issued and THEN only getting paid in 1/12th increments as the customer made their payments! So, after a few months, I fell behind on my bills. I had three payments that went 90 days past due. I then got a nice commission check, paid everthing current and had no other late payments on my history. That happened in 2000.
In 1998, I was divorced. My ex-wife's family owns a tire store. A month before our divorce, after 6 months of legal separation, she had a new transmission put in her car by the family business. They created a credit account in both of our names and started sending me the bills for her $1,200 in work. Naturally, I refused to pay it. They kept tagging on interest charges and sending me bills. I called several times and told them there was no way in Hades I was paying her bill. Eventually, the bills stopped coming. Last I heard.
Fast forward to last month. I apply for credit with Key bank and they decline me based on a collection action and payments over 90 days past due. I requested a copy of my credit report and discovered that collection agency was reporting this tire store thing as being in collections. I immediately filed a dispute with Equifax, and called Key Bank to explain and ask what I could do. They were decidedly unfriendly and basically said it was between me and the collection agency and that they would offer a loan, with any co-signer or not, so long as that was on there. Keep in mind, I've had no late payments since 2000, I have no credit card debt, my car is paid for, and I'm married to an RN and will have a household income of close to 70K even if I don't earn a dime!
After talking this over with Diane Wright at ATP, she suggested that I apply at SLM Financial, as it could take months to go through the legal channels to fnish getting this tire store fraud removed from my credit rating. I did the online app and was approved with no co-signer in 24 hours. The rate is 7 1/4, not quite as good as the 5.9 Key Bank offers, but still very reasonable for an unsecured loan.
The moral of the story? First, talk to Diane at ATP before you do anything, she's a great resource. Second, apply at Key Bank as the terms are a little better than at SLM, but I disagree that they're out there throwing money at people, they're completely unable to really underwrite a loan and base their decision soley on a FICO score. My personal situation, low debt-load, and good household income more than account for my ability to repay. But don't despair if you're turned down by Key. SLM was extremely easy to work with and not near as tight. While my personal situation could explain and overcome a FICO score, they didn't ask any of that information and based their decision on the FICO, too. So I'd say most shouldn't have a problem getting financed so long as you don't have a major late payment problem history.
Good luck to all!
I worked for 10 years in the insurance industry. The money can be really good, but it can also be much like a CFI's, especially when starting out at a job on 100% commission.
A few years ago, I decided to quit my salaried job with an insurance company and become a commissioned agent/consultant. It was REALLY hard at first, only getting paid when you sold something and then having to wait 30-60 days for a policy to get issued and THEN only getting paid in 1/12th increments as the customer made their payments! So, after a few months, I fell behind on my bills. I had three payments that went 90 days past due. I then got a nice commission check, paid everthing current and had no other late payments on my history. That happened in 2000.
In 1998, I was divorced. My ex-wife's family owns a tire store. A month before our divorce, after 6 months of legal separation, she had a new transmission put in her car by the family business. They created a credit account in both of our names and started sending me the bills for her $1,200 in work. Naturally, I refused to pay it. They kept tagging on interest charges and sending me bills. I called several times and told them there was no way in Hades I was paying her bill. Eventually, the bills stopped coming. Last I heard.
Fast forward to last month. I apply for credit with Key bank and they decline me based on a collection action and payments over 90 days past due. I requested a copy of my credit report and discovered that collection agency was reporting this tire store thing as being in collections. I immediately filed a dispute with Equifax, and called Key Bank to explain and ask what I could do. They were decidedly unfriendly and basically said it was between me and the collection agency and that they would offer a loan, with any co-signer or not, so long as that was on there. Keep in mind, I've had no late payments since 2000, I have no credit card debt, my car is paid for, and I'm married to an RN and will have a household income of close to 70K even if I don't earn a dime!
After talking this over with Diane Wright at ATP, she suggested that I apply at SLM Financial, as it could take months to go through the legal channels to fnish getting this tire store fraud removed from my credit rating. I did the online app and was approved with no co-signer in 24 hours. The rate is 7 1/4, not quite as good as the 5.9 Key Bank offers, but still very reasonable for an unsecured loan.
The moral of the story? First, talk to Diane at ATP before you do anything, she's a great resource. Second, apply at Key Bank as the terms are a little better than at SLM, but I disagree that they're out there throwing money at people, they're completely unable to really underwrite a loan and base their decision soley on a FICO score. My personal situation, low debt-load, and good household income more than account for my ability to repay. But don't despair if you're turned down by Key. SLM was extremely easy to work with and not near as tight. While my personal situation could explain and overcome a FICO score, they didn't ask any of that information and based their decision on the FICO, too. So I'd say most shouldn't have a problem getting financed so long as you don't have a major late payment problem history.
Good luck to all!