Does having bad credit effect your chances of adopting a child?
Dec 22, 2009 in
Financial and Loan Tips
luckygirl
I am bringing home a infant in a few weeks that we are adopting. We know the birth family. We are going to do temporary guardianship at the beginning- then adopt. We are worried that because are credit is bad and because we don’t make tons of money that they will not approve the adoption. Can that happen? Even if the child is already in our home? and do you have to have money in savings etc?
I am bringing home a infant in a few weeks that we are adopting. We know the birth family. We are going to do temporary guardianship at the beginning- then adopt. We are worried that because are credit is bad and because we don’t make tons of money that they will not approve the adoption. Can that happen? Even if the child is already in our home? and do you have to have money in savings etc?
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11 comments
amosunknown on December 25, 2009 at 6:55 am
So long as you care provide reasonable care for the child thats all they consider. They dont approve many non-relative adoptions to people below the poverty line.
Trust me, unless you’re living out of your car, or cant afford to buy any food, you’re fine.
Credit only matters if you’re taking out a loan to cover the cost of the adoption. There are even incentives to help you afford an adoption.
Erin L on December 25, 2009 at 11:03 pm
It depends on the exact nature of your financial difficulties and if it can be shown that you are CURRENTLY in a stable financial situation. If you just declared bankruptcy, for instance, in the very recent future, that could disqualify you. But something in the past, or simply a little bit of a low credit score, if it can be shown that you are financially stable, shouldn’t disqualify you. Good Luck!
mom of many on December 29, 2009 at 5:52 am
I know that there are agencies where credit doesn’t matter just show income to support a family. Temp guardianship only legal for a few months. go for full guardianship as it’ll take awhile for the adoption to be final. I would get to a lawyer or agency immediately if you haven’t already done it. An adoption homestudy is expensive and you will need that money up front unless they allow payment arrangements.
David on December 30, 2009 at 7:28 am
as long as you can afford it.. credit doesn’t matter that much.. as long as you have an alright earning power.
Jerry M on January 1, 2010 at 10:17 pm
if the birth family is ok with it, it should not be a problem. credit and financial stability are only important with a private adoption agency or others when the birth parents aren’t involved.
melissa on January 3, 2010 at 8:06 pm
sometimes a bad credit history can jeopardize the adoption, have you been up front with the birth family? do you have medical insurance? that is what adoption judge will be looking at.
Mom to Foster Children on January 7, 2010 at 1:39 am
Nope, bad credit – good credit…it doesn’t matter. As long as you can care for the child and give it the basic needs – food / shelter / clothing…instead of steak and lobster for dinner everynight / a huge mansion / and nike shoes for every day of the week! Nope, doesn’t matter…
You MUST have love / compassion / understanding / and the ability to heal all boo boo’s with a simple hug / kiss
playsteinway on January 9, 2010 at 7:36 am
Adoption workers, social workers, lawyers, judges etc.. involved in adoption processes don’t care about the credit situation. They typically like to see around $10,000 income per person living in your home (including the adoptee in question) and that you can care for them financially to provide needs they have in terms of medical, food, clothing, proper shelter and environment.
While they will look at your finances and savings they are looking to see if you have enough income to support a child as part of your family and proper precautions taken in case something ever did happen to mom or dad- like life insurance, health care insurance, disability policies etc.. They just want to know that you are going to be able to provide for a child properly.
Grandma of 2 on January 11, 2010 at 4:40 pm
I don’t know if it will adversely affect the adoption, but it will be something that will be put in a report made to the court. When we adopted we were asked right out what our financial status was. A disinterested 3rd party will meet with your family and go through your family history, etc….this will also include your finances. It will be up to a judge as to whether he feels you are the correct place for this child. If the birth family is all for you adopting this child, the judge will more than likely rule in the adoptions favor. But be aware, you will be investigated.
bree on January 12, 2010 at 12:44 pm
A credit check is not run when you try and adopt. However, the agency will ask for tax records from the past 3 years, bank statements, mortgage statements, paycheck stubs, and will ask you about your credit card balances. You just have to prove that you can financially support the child. I am going through the process now so I am familiar with what is needed.
AdoreHim on January 13, 2010 at 11:57 pm
My husband and I were not what you would consider well-to-do and we adopted 2 children without any problems. If you provide the child with a nice home, and can show that you love the child, that really is all they look for. Biological parents are not given a credit check- before they conceive. Congratulations on your upcoming adoption!!!!!!!!!!!!