So I give up.......

ilove747s

New Member
So I give up on loans. I can't seem to get approved for any loans with favorable terms even with perfect a credit history. I am only trying to get $20,000 and I really wonder how the heck anyone gets approved for 3 X that amount to go to ATP or such. You must have to make like $`10,000/month at least with a 800 FICO.

Anyone else had a hard time?

I think I'm just going to pay as I go and avoid debt all together. I can still be done in two years. I just wont be able to put any money towards savings. :rolleyes:
 

nkoenig

New Member
Credit is tight for everyone. Your probably better off paying as you go. Besides, no reason to rush with the industry the way it is.
 

SFCC/UND

Well-Known Member
Doesn't Sallie Mae loves everybody? I guess you should tell them that you want to be a pilot and you will be earning crappy wages. Maybe that will change their minds.
 

killbilly

Vocals, Lyrics, Triangle, Washboard, Kittens
So I give up on loans. I can't seem to get approved for any loans with favorable terms even with perfect a credit history. I am only trying to get $20,000 and I really wonder how the heck anyone gets approved for 3 X that amount to go to ATP or such. You must have to make like $`10,000/month at least with a 800 FICO.

Anyone else had a hard time?

I think I'm just going to pay as I go and avoid debt all together. I can still be done in two years. I just wont be able to put any money towards savings. :rolleyes:
For better or worse, this is probably the best thing to do right now.

You didn't indicate what your income/employment status/residential status was...all three of those things affect your creditworthiness in their eyes.
 

Maurus

The Great Gazoo
The company my flight school has to help with financing will approve anyone. Too bad the interest rates are sky high otherwise it would be a good deal.
 

Matt13C

Well-Known Member
If you have good credit then utilize the countless 0% interest credit card offers you most likely receive.

I did for my PPL. I have a few grand on one, I can pay it back at my own pace, other than the min payment and still have over a year of 0% left. Even when I reach the interest period the interest rate is still better than any private loan.

In my mind it is no different than getting a loan. Just be sure to read the fine print. Make sure their is no annual fee and a fixed rate APR not variable.
 

BillErvin

Peddling as fast as I can
If you have good credit then utilize the countless 0% interest credit card offers you most likely receive.

I did for my PPL. I have a few grand on one, I can pay it back at my own pace, other than the min payment and still have over a year of 0% left. Even when I reach the interest period the interest rate is still better than any private loan.

In my mind it is no different than getting a loan. Just be sure to read the fine print. Make sure their is no annual fee and a fixed rate APR not variable.
Guess you've never heard of the universal default provision! Most CC companies use it!! It allows a credit card company to change your rate at their whim. Any little thing they don't like in your credit report, they can raise your rate all the way to 35% at any time after they give you the card.

Pay for training as you go!!
 

Texasspilot

New Member
I think I'm just going to pay as I go and avoid debt all together. I can still be done in two years. I just wont be able to put any money towards savings. :rolleyes:
Why on earth wouldn't you pay cash if you were able to?

Whats the point of having savings when your paying interest on a loan?
 

Matt13C

Well-Known Member
Guess you've never heard of the universal default provision! Most CC companies use it!! It allows a credit card company to change your rate at their whim. Any little thing they don't like in your credit report, they can raise your rate all the way to 35% at any time after they give you the card.

Pay for training as you go!!
I know they can. But it was that or not learn to fly. Given those two options the choice was super easy.

I really do not live my life concerned with what could happen as far as my credit score is concerned. I have great credit, never missed a payment and do not plan to. If they raise it then I will simply transfer the debt to one of 10 other 0% interest on balance transfer CC offers I get weekly.

Also, didn't congress just pass an act making it harder for them to increase rates on a whim and charge fees randomly? Or is it just being discussed?
 

Boris Badenov

Just running in to a burning house...
This isn't exactly the worst time in human history to be in debt. If you believe that we'll likely see double digit inflation in the next 6 months (which I obviously do), it won't take long for that mountain to become a molehill.

That said, I'd probably leverage my debt in a slightly more sane way. Like buying collectible dolls or building the biggest ball of twine in Minnesota for tourist dollars.
 

greaper007

Well-Known Member
I think I'm just going to pay as I go and avoid debt all together. I can still be done in two years. I just wont be able to put any money towards savings. :rolleyes:
Disclaimer I'm not saying the following to be a dick. I'm just depressed about my money situation and want everyone to know what's going on before they get into this.

I'm not sure what your plans are after you get all your ratings, you might have a nice job lined up. However, I haven't been able to save a dime since I started this job. I probably made around $12,000.00 as a Flight Instructor. First year regional was $20,000.00, any money I had leftover at the end of the month went towards trying to pay down the debt I ran up. This year I thought I'd be on Capt pay but no upgrades in the foreseeable future so I'm on track to make maybe $26,000.00.


You might be smarter/more economical than me. I still don't think you're going to have any savings until you're 4-5 years into this career though. Use it up now and start with a clean slate. It's the freaking debt that will kill you.
 

SlantG

Well-Known Member
However, I haven't been able to save a dime since I started this job. I probably made around $12,000.00 as a Flight Instructor. First year regional was $20,000.00, any money I had leftover at the end of the month went towards trying to pay down the debt I ran up. This year I thought I'd be on Capt pay but no upgrades in the foreseeable future so I'm on track to make maybe $26,000.00.
Live so you can pay 10% to yourself first and 20% to the debts. Every time I feel like this field is going nowhere, I check, and realize I've neglected to pay 10% of my last paycheck to myself, first. The collection agencies and debt collectors can't touch that 10% when it is stored in a retirement account, like a Roth IRA.

All of a sudden the unending mountain of debt becomes that much less intimidating. You are now working for yourself, not for some banker rich kid. :D

Oh but that might kill your perfect credit. Any K in debt kills the perfect credit, too bad. The rules were written for the payee, but some smart guys in Congress and at the US Supreme Court wrote a few rules for the payor.
 

moxiepilot

Well-Known Member
I really do not live my life concerned with what could happen as far as my credit score is concerned. I have great credit, never missed a payment and do not plan to. If they raise it then I will simply transfer the debt to one of 10 other 0% interest on balance transfer CC offers I get weekly.

Also, didn't congress just pass an act making it harder for them to increase rates on a whim and charge fees randomly? Or is it just being discussed?
Heh heh heh. I thought the same way about 10 years ago...life throws you surprises, you know.
 

Matt13C

Well-Known Member
Heh heh heh. I thought the same way about 10 years ago...life throws you surprises, you know.
Yeah, I can't say I don't think about it at all. I did decide to get a full time job and work through training. That decision was not based on wanting good credit but wanting to keep the QOL I enjoy while training and when I begin my career. Good QOL and lots of debt as a new pilot seem to be mutually exclusive.

Plus, aside from flying debt, I try to have as little as possible, zero is best, on things that could not be used to cover the debt, car and a house being the main two. Even with my current debt, if I needed to I could sell my car and use the equity to clear all debt and still have a down payment for a new one.
 
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