Not Going to Happen

blakman7 · June 26th, 2006, 20:00

Hello all,

I am sad to announce that I will not be joining you guys and gals at AriBen. I have been denied two loans and all of the lenders use the same requirements for which I was denied for. Although I wish that I could be training with all of you guys, it just isn't going to happen for me. It is one of those pills that you have to swallow. I guess flying just wasn't meant to be. Happy flying to you guys, get the most out of your training, make your dreams become realities and more importantly be happy. Take care you guys and I will be keeping up with the posts in case something miraculous happens. Lol.

bwade210 · June 26th, 2006, 20:16

Sorry to hear...I've been in similar situations. Keep your hopes up and something will work for you!

NW004 · June 26th, 2006, 21:51

Dude dont give up so soon man, its too soon to give up, I mean you havent even started!

Two loans??? Dude apply for two more then, whats the problem? The worst thing that can happen is being turn down, if so, try again.

blakman7 · June 26th, 2006, 21:56

bwade,

did something work out for you?

nw,

I am going to continue to apply but they all use the same requirements so I would basically be telling myself no before I even apply if I got denied for a loan at two different companies that use the same process.

lowery21 · June 26th, 2006, 22:39

Co-signer brutha. Unless you have a repo, or bankruptcy or something.

yardman · June 26th, 2006, 22:58

How far along your training are you?

blakman7 · June 26th, 2006, 23:33

I haven't started training yet. Sadly, the denies were with a cosigner

atpwannabe · June 27th, 2006, 00:16

blakman7:

First of all, do not keep applying for loans. This will only drive down your credit score. Remember, good credit is like money in the bank. It may take some time to restore your credit, however in the meantime get a copy of your credit report from each credit agency (Experian, Equifax, & Transunion) and talk with some one that you trust about your credit rating. I would suggest a family member or a close friend that has good credit and with whom you can talk to about your situation. In addition, I would advise staying away from credit counseling services. They are just the loyal opposition when it comes to trying to achieve a higher credit rating.

As far as flying, you could join your local Civil Air Patrol,or work as a line technician (ramp agent) at a local FBO fueling a/c and conducting other airside responsibilities. Network, network, network. Whatever you do, don't give up.

And last but not least...some day...I'll look over at you as you sit in the FO seat and will say.......

V1.....rotate.....gear up.....flaps up

atp

bwade210 · June 27th, 2006, 00:53

[quote=blakman7]bwade,

did something work out for you?

Yeah...it took a few applies but I finally had luck with Sallie Mae and I never took the training for granted! Like I said...keep your hopes up and try to find a job which enables you to be close to an airport!

Callador · June 27th, 2006, 01:21

Sorry to hear about your situation. I had a similar thing happen, although I was not looking at a specific flight school. My credit score was a too low to get a loan through Sallie Mae, so I was left with trying to borrow money from another source, or go at a slower pace the FBO route.

Since, you don't have your private, I don't think it would hurt to at least do that at home, so you can work to pay it off. Now, I am not familiar with the prices in your area, but a C172 in SE WI is like $72 an hour, and I think the C152 was in the mid $50's. Instructor was something like 25ish an hour.

So, if it took you 40 hours of dual and 20 solo to finish the rating, you could probably finish it for around 6k (with exams etc). It would be much cheaper in the C152, but I am just going off personal experiences. If you can devote $1000 per month to flight training, you would be rated in only 6 months! I know it is not the best solution, but you would at least have a little more time to then check out other lending options.

Best of luck to you.

USMC-SGT · June 27th, 2006, 13:45

ATP is a smart man.

Do not keep applying. Get a credit report and then look at your negatives (do you have negatives? or just insufficient credit?) If you have negatives, do what you can do make deals with your lendors and pay them down or settle if you are in that kind of situation. Google how to dispute credit report claims, you can write letters to your creditors and they have 30 days to prove your debt, which around 50 percent of the time they cant, and the debt is erased.

If you have insufficient credit or poor credit, get a secured pre payed credit card and use that for a few hundred a month for necessities. Or get a gas card, you need gas anyway so just put it on the card and than pay that card off in full every month. For example. You get 20 dollars in gas. Put it on your card and then put 20 dollars in a jar at home, and repeat. At the end of the month you will get a bill for the exact amount you have saved anyway and you will be building your credit.

DO NOT PROCRASTINATE ON YOUR CREDIT!! I can not say this enough. If there is a problem now as you are young...FIX IT!

and lastly...who says you need 35k up front for training. Get a job, save your money and pay as you go. Are you still living with your parents? If so..good, if not get a few roomates and live under your means. If you get a job and you are making 2k a month and living with your parents or only paying a few hundred for your share of the rent you can put the rest into flight training. after one year you should be able to pay for your cfi rating and then start building some hours.

All is not lost

SkyHawg · June 27th, 2006, 14:05

goto www.creditboards.com and read till your eyelids fall off.

It will help you a ton!

Kristie · June 27th, 2006, 17:03

nows the time to get that credit fixed!! you can do the pay as you go at Ari-Ben can't you?

do you have any family or friends who would consider sponsoring you for an "interest payment"? then instead of using a credit card or loan, you use them and pay them back + interest.. works out for all parties as long as there's a paperwork trail in case of problems...

but like everyone said.. start working on your credit report.. clear out the mistakes and closed accounts...don't, whatever you do, go to credit counseling services - they are a SERIOUS headache!! and keep moving forward!!

Adam2006 · June 27th, 2006, 18:02

Don't give up so easily if this is what you want for a career. As far as "the credit game" if you live here you gotta play. 1st off, you will get a letter stating reasons why XXX denied you. You can also go to annualcreditreport.com and get all three reports free, annually. Like mentioned before, creditboards.com has a wealth of info too. And start with a secured credit card, you can get them for $200. But be advised, if you have a $200 secured card with a $100 balance, and you only pay the minimum balance, you are at 50% utilization, which is bad for your credit. In other words PIF(pay in full) or keep the balance under 20%. Another thing is length of your credit file, I believe most lenders want 2+ years of good credit(no late payments, or charge offs). Finally, don't over apply, too many inquiries are harmful. Learn to play this game, and it will save you money for the rest of your life(interest rates on cards, cars, houses). Ask away if you have any questions, as I myself learned the hard way.

deserteaglle · June 27th, 2006, 18:13

Dude I have been in almost the same situation as you are, and you need to hear that there is HOPE!

But first, you need to realize that your thinking as of right now is the immature child in you screaming, "I WANT THIS NOW!" The mature you needs to step up to the plate, tell him to sit down, shut up, and be patient.

You do not need loans.

You do not need to try the lottery.

You do not need a fairy Godmother.

YOU DO NEED, good work ethic, patience, will, and intensity.

Saving hasn't even seriously crossed your mind yet, but the benefits of saving for 2 years and paying for your flight school with cash are uncountable.

In fact the benefits of being able to pay all in cash and finish your ratings with 0 debt are so incredibly amazing that I can't believe I was in such a hurry to get to a 20 thou a year job and have 35 thou worth of loans. It's just crazy what a rush we get in sometimes.

You need a strict budget that you will stick to, you need to develop very good saving habits, and you need to have a physical list of your short term and long term goals which you need to concentrate on to not lose focus.

I am not selling you some far-fetched money making idea, I'm telling you facts. If you have the patience and will to consistently save more money than you spend, then you WILL make money, and you will be able to pay for your own flight school. It may not be in the next year, maybe it'll take 2 or 3 years, but 2 or 3 years is NOT that long, and they will go by a lot faster than you think.

If you want more budgeting details or anything like that pm me...I've really gotten into this stuff and wouldn't mind talking about it some more.

SteveC · June 27th, 2006, 22:21

Golden Flyer · July 11th, 2006, 20:17

Quote:

Originally Posted by blakman7

Hello all,

I am sad to announce that I will not be joining you guys and gals at AriBen. I have been denied two loans and all of the lenders use the same requirements for which I was denied for. Although I wish that I could be training with all of you guys, it just isn't going to happen for me. It is one of those pills that you have to swallow. I guess flying just wasn't meant to be. Happy flying to you guys, get the most out of your training, make your dreams become realities and more importantly be happy. Take care you guys and I will be keeping up with the posts in case something miraculous happens. Lol.

Have you tried Sallie Mae? What company's were you using?

blakman7 · July 12th, 2006, 02:22

I used Sallie Mae, Teri and AMS.

jimithing27 · July 12th, 2006, 17:38

If you don't mind me asking what did they turn you down for?? Credit score, Lack of credit, collections, etc???? I am about to start applying in November for loans to go to ATP..

I have a 670 beacon currently and am about to close on a house that I am building...

If I cannot get the Sallymae loans or similar I am going to do an equity loan from the house in 6 mths...

I am just curious as to what the lenders expect or look for in score and credit history to base approvals or denials

USMC-SGT · July 12th, 2006, 17:48

Even better.

Do not get a loan at all

Save for flight training, pay per hour...or at the very least pay for half of it and finance the other half if all else fails and hell has frozen over.

I know many people who have 600+ dollar loan repayments that take home 1400.00 per month at best for almost two years. It is nowhere that anyone wants to be.

blakman7 · July 12th, 2006, 19:31

Jimithing,

I got turned down because I just got a credit card two months ago and I don't have a credit history that is sufficient enough. My cosigner got turned down for previous delinquencies. It is funny because she doesn't have anymore debt and she has owned her own home for the last 30 years. I agree with USMC, for lack of word that I can't use on this forum....SCREW getting a loan. Pay for it in blocks or per hour. Or just go to an FBO or something. Good luck and if anyone else as any other advice, let me know. Thanks.

Adam2006 · July 12th, 2006, 21:44

For those that are interested I will post a write-up on my experiences with the loan process. I hope to apply in the next couple of months. I'm just waiting for my equifax score to hit 700. I will post even if I'm denied. Good luck all.

Brazilian_Pilot · July 17th, 2006, 23:37

Yeah I totally gave up on the Idea of going to Ari Ben. I really dont want to end up with 40k in loan debt over a period of 8 months with only a 12 month grace period. Plus this loan wont let u keep deferrement while in college for me its just no worth it. So for this fall I will be back in community college hoping to transfer to an Aviation College hopefully the University of Illinois....

June 26th, 2006, 20:00	#1
blakman7 Junior Member Join Date: Nov 2005 Location: Atlanta, Georgia Posts: 116	Not Going to Happen Hello all, I am sad to announce that I will not be joining you guys and gals at AriBen. I have been denied two loans and all of the lenders use the same requirements for which I was denied for. Although I wish that I could be training with all of you guys, it just isn't going to happen for me. It is one of those pills that you have to swallow. I guess flying just wasn't meant to be. Happy flying to you guys, get the most out of your training, make your dreams become realities and more importantly be happy. Take care you guys and I will be keeping up with the posts in case something miraculous happens. Lol. __________________ Asking what a pilot thinks about the FAA is like asking a fire hydrant what it thinks about dogs.

June 26th, 2006, 20:16	#2
bwade210 Senior Member Join Date: Feb 2006 Location: KSAT & K1T7 Posts: 474	Re: Not Going to Happen Sorry to hear...I've been in similar situations. Keep your hopes up and something will work for you! __________________ "Failure to prepare, is preparing to fail!"

June 26th, 2006, 21:51	#3
NW004 Junior Member Join Date: Mar 2006 Location: USA Posts: 274	Re: Not Going to Happen Dude dont give up so soon man, its too soon to give up, I mean you havent even started! Two loans??? Dude apply for two more then, whats the problem? The worst thing that can happen is being turn down, if so, try again.

June 26th, 2006, 21:56	#4
blakman7 Junior Member Join Date: Nov 2005 Location: Atlanta, Georgia Posts: 116	Re: Not Going to Happen bwade, did something work out for you? nw, I am going to continue to apply but they all use the same requirements so I would basically be telling myself no before I even apply if I got denied for a loan at two different companies that use the same process. __________________ Asking what a pilot thinks about the FAA is like asking a fire hydrant what it thinks about dogs.

June 26th, 2006, 22:39	#5
lowery21 Junior Member Join Date: Jun 2005 Posts: 82	Re: Not Going to Happen Co-signer brutha. Unless you have a repo, or bankruptcy or something. __________________ Never ask someone if they are from Texas. If they are, they will tell you. If they aren't, you don't want to embarrass them.

June 26th, 2006, 22:58	#6
yardman Junior Member Join Date: Sep 2005 Posts: 89	Re: Not Going to Happen How far along your training are you?

June 26th, 2006, 23:33	#7
blakman7 Junior Member Join Date: Nov 2005 Location: Atlanta, Georgia Posts: 116	Re: Not Going to Happen I haven't started training yet. Sadly, the denies were with a cosigner __________________ Asking what a pilot thinks about the FAA is like asking a fire hydrant what it thinks about dogs.

June 27th, 2006, 00:16	#8
atpwannabe Junior Member Join Date: Mar 2006 Location: West Palm Beach, FL Posts: 209	Re: Not Going to Happen blakman7: First of all, do not keep applying for loans. This will only drive down your credit score. Remember, good credit is like money in the bank. It may take some time to restore your credit, however in the meantime get a copy of your credit report from each credit agency (Experian, Equifax, & Transunion) and talk with some one that you trust about your credit rating. I would suggest a family member or a close friend that has good credit and with whom you can talk to about your situation. In addition, I would advise staying away from credit counseling services. They are just the loyal opposition when it comes to trying to achieve a higher credit rating. As far as flying, you could join your local Civil Air Patrol,or work as a line technician (ramp agent) at a local FBO fueling a/c and conducting other airside responsibilities. Network, network, network. Whatever you do, don't give up. And last but not least...some day...I'll look over at you as you sit in the FO seat and will say....... V1.....rotate.....gear up.....flaps up atp

June 27th, 2006, 00:53	#9
bwade210 Senior Member Join Date: Feb 2006 Location: KSAT & K1T7 Posts: 474	Re: Not Going to Happen [quote=blakman7]bwade, did something work out for you? Yeah...it took a few applies but I finally had luck with Sallie Mae and I never took the training for granted! Like I said...keep your hopes up and try to find a job which enables you to be close to an airport! __________________ "Failure to prepare, is preparing to fail!"

June 27th, 2006, 01:21	#10
Callador Newbie Join Date: Jun 2006 Posts: 13	Re: Not Going to Happen Sorry to hear about your situation. I had a similar thing happen, although I was not looking at a specific flight school. My credit score was a too low to get a loan through Sallie Mae, so I was left with trying to borrow money from another source, or go at a slower pace the FBO route. Since, you don't have your private, I don't think it would hurt to at least do that at home, so you can work to pay it off. Now, I am not familiar with the prices in your area, but a C172 in SE WI is like $72 an hour, and I think the C152 was in the mid $50's. Instructor was something like 25ish an hour. So, if it took you 40 hours of dual and 20 solo to finish the rating, you could probably finish it for around 6k (with exams etc). It would be much cheaper in the C152, but I am just going off personal experiences. If you can devote $1000 per month to flight training, you would be rated in only 6 months! I know it is not the best solution, but you would at least have a little more time to then check out other lending options. Best of luck to you.

June 27th, 2006, 13:45	#11
USMC-SGT Senior Member Join Date: May 2006 Location: East Posts: 1,173	Re: Not Going to Happen ATP is a smart man. Do not keep applying. Get a credit report and then look at your negatives (do you have negatives? or just insufficient credit?) If you have negatives, do what you can do make deals with your lendors and pay them down or settle if you are in that kind of situation. Google how to dispute credit report claims, you can write letters to your creditors and they have 30 days to prove your debt, which around 50 percent of the time they cant, and the debt is erased. If you have insufficient credit or poor credit, get a secured pre payed credit card and use that for a few hundred a month for necessities. Or get a gas card, you need gas anyway so just put it on the card and than pay that card off in full every month. For example. You get 20 dollars in gas. Put it on your card and then put 20 dollars in a jar at home, and repeat. At the end of the month you will get a bill for the exact amount you have saved anyway and you will be building your credit. DO NOT PROCRASTINATE ON YOUR CREDIT!! I can not say this enough. If there is a problem now as you are young...FIX IT! and lastly...who says you need 35k up front for training. Get a job, save your money and pay as you go. Are you still living with your parents? If so..good, if not get a few roomates and live under your means. If you get a job and you are making 2k a month and living with your parents or only paying a few hundred for your share of the rent you can put the rest into flight training. after one year you should be able to pay for your cfi rating and then start building some hours. All is not lost __________________ .....i have two speeds, walk and kill

June 27th, 2006, 14:05	#12
SkyHawg Senior Member Join Date: Jun 2006 Posts: 572	Re: Not Going to Happen goto www.creditboards.com and read till your eyelids fall off. It will help you a ton!

June 27th, 2006, 17:03	#13
Kristie Big Chief's Woman Join Date: Feb 2001 Location: Scottsdale, Arizona Posts: 19,291 Blog Entries: 3	Re: Not Going to Happen nows the time to get that credit fixed!! you can do the pay as you go at Ari-Ben can't you? do you have any family or friends who would consider sponsoring you for an "interest payment"? then instead of using a credit card or loan, you use them and pay them back + interest.. works out for all parties as long as there's a paperwork trail in case of problems... but like everyone said.. start working on your credit report.. clear out the mistakes and closed accounts...don't, whatever you do, go to credit counseling services - they are a SERIOUS headache!! and keep moving forward!! __________________ Wife of a Delta B767 ER F/O jetgirls.net

June 27th, 2006, 18:02	#14
Adam2006 Junior Member Join Date: Jan 2006 Location: Socal Posts: 214	Re: Not Going to Happen Don't give up so easily if this is what you want for a career. As far as "the credit game" if you live here you gotta play. 1st off, you will get a letter stating reasons why XXX denied you. You can also go to annualcreditreport.com and get all three reports free, annually. Like mentioned before, creditboards.com has a wealth of info too. And start with a secured credit card, you can get them for $200. But be advised, if you have a $200 secured card with a $100 balance, and you only pay the minimum balance, you are at 50% utilization, which is bad for your credit. In other words PIF(pay in full) or keep the balance under 20%. Another thing is length of your credit file, I believe most lenders want 2+ years of good credit(no late payments, or charge offs). Finally, don't over apply, too many inquiries are harmful. Learn to play this game, and it will save you money for the rest of your life(interest rates on cards, cars, houses). Ask away if you have any questions, as I myself learned the hard way. __________________ adam

June 27th, 2006, 18:13	#15
deserteaglle Senior Member Join Date: Feb 2006 Location: TEXAS! Posts: 690	Re: Not Going to Happen Dude I have been in almost the same situation as you are, and you need to hear that there is HOPE! But first, you need to realize that your thinking as of right now is the immature child in you screaming, "I WANT THIS NOW!" The mature you needs to step up to the plate, tell him to sit down, shut up, and be patient. You do not need loans. You do not need to try the lottery. You do not need a fairy Godmother. YOU DO NEED, good work ethic, patience, will, and intensity. Saving hasn't even seriously crossed your mind yet, but the benefits of saving for 2 years and paying for your flight school with cash are uncountable. In fact the benefits of being able to pay all in cash and finish your ratings with 0 debt are so incredibly amazing that I can't believe I was in such a hurry to get to a 20 thou a year job and have 35 thou worth of loans. It's just crazy what a rush we get in sometimes. You need a strict budget that you will stick to, you need to develop very good saving habits, and you need to have a physical list of your short term and long term goals which you need to concentrate on to not lose focus. I am not selling you some far-fetched money making idea, I'm telling you facts. If you have the patience and will to consistently save more money than you spend, then you WILL make money, and you will be able to pay for your own flight school. It may not be in the next year, maybe it'll take 2 or 3 years, but 2 or 3 years is NOT that long, and they will go by a lot faster than you think. If you want more budgeting details or anything like that pm me...I've really gotten into this stuff and wouldn't mind talking about it some more. __________________ Fly the god#@$% plane. People usually ask for advice to have someone to agree with what they've already decided or to have someone to blame when things go wrong.

June 27th, 2006, 22:21	#16
SteveC Modulator Join Date: May 2003 Location: GRR Posts: 8,788	Re: Not Going to Happen __________________ . If life gives you lemons, throw 'em into a quart of vodka. ~Red Green

July 12th, 2006, 02:22	#18
blakman7 Junior Member Join Date: Nov 2005 Location: Atlanta, Georgia Posts: 116	Re: Not Going to Happen I used Sallie Mae, Teri and AMS. __________________ Asking what a pilot thinks about the FAA is like asking a fire hydrant what it thinks about dogs.

July 12th, 2006, 17:38	#19
jimithing27 Newbie Join Date: Jul 2006 Posts: 16	Re: Not Going to Happen If you don't mind me asking what did they turn you down for?? Credit score, Lack of credit, collections, etc???? I am about to start applying in November for loans to go to ATP.. I have a 670 beacon currently and am about to close on a house that I am building... If I cannot get the Sallymae loans or similar I am going to do an equity loan from the house in 6 mths... I am just curious as to what the lenders expect or look for in score and credit history to base approvals or denials

July 12th, 2006, 17:48	#20
USMC-SGT Senior Member Join Date: May 2006 Location: East Posts: 1,173	Re: Not Going to Happen Even better. Do not get a loan at all Save for flight training, pay per hour...or at the very least pay for half of it and finance the other half if all else fails and hell has frozen over. I know many people who have 600+ dollar loan repayments that take home 1400.00 per month at best for almost two years. It is nowhere that anyone wants to be. __________________ .....i have two speeds, walk and kill

July 12th, 2006, 19:31	#21
blakman7 Junior Member Join Date: Nov 2005 Location: Atlanta, Georgia Posts: 116	Re: Not Going to Happen Jimithing, I got turned down because I just got a credit card two months ago and I don't have a credit history that is sufficient enough. My cosigner got turned down for previous delinquencies. It is funny because she doesn't have anymore debt and she has owned her own home for the last 30 years. I agree with USMC, for lack of word that I can't use on this forum....SCREW getting a loan. Pay for it in blocks or per hour. Or just go to an FBO or something. Good luck and if anyone else as any other advice, let me know. Thanks. __________________ Asking what a pilot thinks about the FAA is like asking a fire hydrant what it thinks about dogs.

July 12th, 2006, 21:44	#22
Adam2006 Junior Member Join Date: Jan 2006 Location: Socal Posts: 214	Re: Not Going to Happen For those that are interested I will post a write-up on my experiences with the loan process. I hope to apply in the next couple of months. I'm just waiting for my equifax score to hit 700. I will post even if I'm denied. Good luck all. __________________ adam

July 17th, 2006, 23:37	#23
Brazilian_Pilot Senior Member Join Date: Mar 2005 Location: Chicago Suburbs, IL 1C5 (Clow) Posts: 314	Re: Not Going to Happen Yeah I totally gave up on the Idea of going to Ari Ben. I really dont want to end up with 40k in loan debt over a period of 8 months with only a 12 month grace period. Plus this loan wont let u keep deferrement while in college for me its just no worth it. So for this fall I will be back in community college hoping to transfer to an Aviation College hopefully the University of Illinois....

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode