The Silent Partner  (Excel Spreadsheets provided for sections 1-4)

Who’s really running your business, you or your silent partner?  Let me back into this statement.  We ALL are running a business and we ALL have a silent partner, which many of us tend to neglect.  The “business” is YOU…your livelihood and your ability to stand independently.  The “silent partner” is your CREDIT/FICO SCORE.  Regardless if you’re ready to admit it or not, when you neglect your silent partner you’re ultimately on a path of stress, collection calls, and living pay check to pay check.  By not including all factors of your business (goals, aspirations, CREDIT SCORE) into your vision for the future, you’ll forever be on an uphill battle.  So today is our reality check!  Take back the control of your business by putting your silent partner in its place!

Part 1 ‘The Assessment’:

-          Write down each bill you are paying monthly, weekly, or even yearly.

-          Calculate your average monthly income.

-          Now see how much money you have remaining after all bills have been paid

Note:  One of the key things to do when you are reviewing your monthly income and bills is, if you choose to round these amounts that you always round down on your monthly income and round up on your bills.

-          Calculate how much money you generally spend on miscellaneous items such as, going out to eat, shopping, or extracurricular activities.  If there is any money left over once this is done, you can put this into your additional savings.

Note:  ‘Savings’ should be a bill that is paid every month.  Try to commit yourself to saving money every month.  Whether it is $5 or $500…starting somewhere is the key.

Excel spreadsheet link for → The Assessment

Part 2 ‘Evaluate or Negate’:

Review all your bills and decide if you need to evaluate your current plan (internet, phone, etc) or if you can do without the item (cable, miscellaneous items, etc).  The point of this area is to access your current situation to validate if there are areas you can cut back in or remove all together to free up money to help pay off balances on your credit report.

Excel Spreadsheet Link for →Evaluate or Negate

Part 3 ‘Reality Check’:

Time to run your credit report!  Make sure you pull your report from all three bureaus (Equifax, TransUnion, and Experian).  No need to pull your Credit Score or FICO Score at this moment; the main focus is to see, verify, and review your report to come up with a game plan to become debit free!  Pull the important information from the report and place it in a table which is easier to read (see Part 3 spreadsheet)

Note:  You can pull your credit report for all three bureaus once a year for free.  Go to www.annualcreditreport.com to review your reports.  If you’ve already pulled your report from this website, equifax.com has several products where you can run your credit report for all three bureaus and credit monitoring services.

Excel Spreadsheet Link for →Reality Check

Part 4 ‘Game On’:

Based on the information placed into the spreadsheet, break up the accounts by balanced owed (smallest to largest).  Based on Parts 1 and 2, determine how you will pay off your balances. Always start from the smallest balance to the highest.  Once you’ve come up with a game plan make sure you leave room for adjustments (small room for adjustments, because you know exactly what you can afford).  Now contact the companies you currently have an open balance with.

Note:  Remember you owe the company so tell them what you can currently afford.  Some companies, if asked, will remove the delinquency off of your credit report once all payments are received and processed.  In addition, be sure to set up a payment plan so once your payments have been made the creditor will update your credit report indicating months of “on-time” payments.

In the past, I’ve broken the game plan into three phases.  Depending on the persons predicament, would determine each phase.

Excel spreadsheet Link for→Game On

Part 5 ‘Who’s the Boss?’

Once you have a game plan and are able to knock out your delinquent balances, you will put your “Silent Partner” in its place and gain control over your financial future!  Remember it is a process which will take time.  Stay motivated and dedicated to finishing.  I’ve been there before and have helped several friends with repairing their Credit Score/FICO Score.

If you have any questions or concerns, please contact me at thesilentpartner25@gmail.com.

-    Monique McCane, JAN2012

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Proud parent and graduate of Grambling State University (BS Mathematics) and University of Phoenix (MS Accounting) and currently pursuing her CIA (Certificate of Internal Audit).  With her rooted faith in Christ, she knows all things are possible!

The Silent Partner © 2012