| Depending on the severity of you credit injuries, there | | | | the swelling caused by the injury. With regard your |
| is a lot that goes into healing and correcting those | | | | credit, perhaps we should just think of the "C" in our |
| injuries. One of the most basic and paramount | | | | R.I.C.E. acronym as Credit. Credit equals leverage. Most |
| formulas for fixing loused up credit can be summed up | | | | wealth is achieved by properly leveraging yourself. |
| in the following statement; just like a doctor might tell | | | | Also, roughly 80% of America's wealth comes from |
| you to adhere to the R.I.C.E. therapy for sprains, one | | | | commercial real estate. Let's face it, most of us don't |
| can take a similar approach to credit rehabilitation. For | | | | have the monetary means to pay cash for a |
| any of you that may not be familiar with R.I.C.E. | | | | commercial real estate property. What we can do, (if |
| therapy, it's simply an acronym for rest, ice, | | | | we treat our credit like an investment) is obtain credit |
| compression, and elevation. | | | | for these larger ticket items. If you play your cards |
| If you have a sprain, it's always advisable to rest that | | | | right, you can be included in the aforementioned |
| particular part of your body. If you sprain your foot, you | | | | statistic. |
| stay off your feet. Similarly, if you've hurt your credit | | | | As far as the elevation part of the R.l.C.E. formula is |
| for any reason, stop doing whatever it is that is hurting | | | | concerned, we can apply that to the restoration of |
| your credit. Basically, take a rest. If you're not making | | | | your credit. If you have done some damage to your |
| your payments in a timely manner, stop paying them | | | | credit by not paying your bills or accumulating |
| late. Will it fix your credit right away? No, but it's the | | | | collections or charges-offs, elevate your sense of |
| best place to start. | | | | responsibility. Make it a point to get your bills paid on |
| In the event of a sprain, ice helps reduce pain and | | | | time. If you have a bill you think is unfair (early |
| swelling. In the case of your credit, think of the "I" as | | | | termination fees with cell phone companies is a |
| follows; Investment. Mending your credit is an | | | | common one), pay it. Remember, the dollar amount of |
| investment into your future. It will not only make getting | | | | the collection does not matter. It can be five dollars or |
| credit easier, but it will afford you better terms and | | | | five thousand dollars. They both still have the same |
| lower payments. Hence, this investment into the | | | | negative impact on your credit. |
| restoration of your credit will ease the pain in the future | | | | These are some of the basics to performing a rehab |
| by allowing you to keep more of your money in your | | | | on your credit profile. There is a lot more to it. The key |
| pocket each and every month when you pay your bills. | | | | is to first learn about what steps to take and then do |
| Hmm. What about the "C"? With an injury, it stands for | | | | something about it. Take action. If you don't someone |
| compression and is used to accommodate and limit | | | | else will and they'll snatch up your opportunities. |