Aha Moment

This morning had all the makings of a big project weekend: It was cold and gray and the wind was howling outside. I was vegging out with my dog and some coffee before heading to work, only sort of half listening to the DIY show on TV. But something did catch my attention, and I now I'm way too excited about my new craft/fundraising idea!

Between Facebook, Craigslist and a couple of local stores, it's all coming together nicely. What is it, you ask? You'll have to be patient! I'll let everyone know soon. Until then, let me know if you have any empty glass bottles I can take off your hands.

Finally, Some Good News

He's already been blessed - with an awesome 'do.

My initial loan rejection and subsequent 26% interest offers were ridiculous and extremely discouraging, but yesterday I was finally approved for a credit card at a decent interest rate! I now have access to funds any time I need them to complete an adoption.

This doesn’t mean the fundraising is over, however. I still want to save as much as possible and use the credit card only when necessary, so this spring’s yard sale will still happen, and I’m still applying for grants every opportunity I get. I’m also continuing to freelance and look for side work, so please remember to send any gigs my way.

Yesterday I had a promising phone interview for a temporary, part-time marketing job with flexible weekend and evening hours. The next step was going to be a Skype interview, but then they decided they only want to hire someone who can focus fully on that position (and not work a day job). That’s all fine and good, except they only pay $8 - $10 an hour! I hope we’re getting closer to a time where employers realize they can’t ask the world of someone when they’re only paying pennies in return.

Next weekend I’m taking a road trip (woo hoo road trip!) to Utah for my nephew’s blessing. I’m really looking forward to getting out of town, eating breakfast in a random diner somewhere along the way, and experiencing the craziness that is sure to be my extended family’s home. My on-a-budget hostess gifts will include home made cookies in seasonally-appropriate wicker baskets.

And now, the weekend.

Frustrations Continue...

This whole adoption loan thing is a LOT harder than I thought it would be. It might seem like arranging financing should have been the first step in the process, but it can't work that way.

o I had to have a completed home study ($1,300) in order to apply for grants
o Until I found out about grants, I didn't know what my budget would be or how much I'd need to borrow
o 1 of the 3 grants I qualify for only awards funds after you've been matched with a child (which is ridiculous, because it means I'd have to commit to a child and a budget before knowing if I could actually afford the adoption)
o No luck with grants so far, so I've narrowed my plan to private adoption and a bare bones budget

The best loan rate I've found so far is 13% on a 36 month loan, through a peer-to-peer lending network (came highly recommended by another single mom). However, Idaho wasn't an option on their application so I'm not sure if they loan here. And while I'd get a big chunk of money back through a tax refund, I'd have pretty high payments due until that refund came through, since it's a only 36-month loan.

I'm also waiting to hear back from my Texas credit union on a personal loan, but I don't expect that rate to be below 15%.

I continue to apply for grants and will find out about the next rounds at the end of March and mid-June. Until then, geez. Who knows.

Drumroll please...

Here goes…my first loan application was submitted today. I called and spoke with a loan officer about the situation, and he’s going to get back with me today on a few things:

• Whether I qualify for the lowest-rate Visa card at my requested amount (Sadly, a credit card is the least expensive option for those without assets)
• If not, how much credit I’ve been given and at what rate
• Whether I need to close any of my $0 balance accounts to bump up my credit score

Of course, I could get big fat NOs across the board, so I’m prepared for that as well. If I can’t get approved for my minimum budget (which would only be enough for private adoption, not an agency adoption), I’ll need to apply in other places and work even harder to supplement it with grants and fundraising.

And if I have to seek funding elsewhere, I’ve been advised to submit all my applications within about a 2-week period. Apparently it doesn’t ding one’s credit when they’re lumped together (the credit gods realize you’re shopping around?)

Wish me luck!

UPDATE: Shot down. Wow. My local bank, Idaho Central Credit Union, denied me ANY credit. This is shocking because I have a great income, no consumer debt (aside from car loan) and I just pulled all 3 of my credit reports last week, so I know they look good.

I was approved for a US Bank card through the National Adoption Foundation, but for only a fraction of what I requested and at a 26% interest rate!! Obviously I declined their offer. Holy moly, this isn't going as well as I'd hoped.

Big Week Next Week

I’m expecting my tax refund Monday, at which point I’ll pay off my last bit of credit card debt, put the rest into savings and start applying for adoption loans. I’m going to start local with two credit unions I already do business with, and hopefully I can get approved for a decent amount at a decent rate.

As I recently complained on my Facebook page, I can get a boob job, home or car financed from 0% - 4%, but I don’t think I can get an adoption loan for less than 11%. Financial priorities in this country are really messed up!

Once I know how much I can borrow, I’ll be able to better fill out the next round of grant applications. Then I’m going to start a full-on social media campaign including a Facebook page and Twitter account dedicated solely to my networking for adoption. I recently learned that more than half of all adoptions in the US are done privately (without an agency), even though it seems like agencies are the popular way to go.

I’ve also ordered some breast milk storage bags (Amazon’s recommendations for me should get interesting!), and my milk donor is starting to pump a little extra.
So yeah, moving right along!