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Avoid getting into the financial "red zone" with these helpful expert tips

Money management expert Humble Lukanga shares his tips on how you can avoid staying out the dreaded financial "red zone".

Video transcript

MARSAI MARTIN: If someone's credit score is low, what is a safe way to get a loan or even a credit card?

HUMBLE LUKANGA: Yeah, if your credit score is bad, you want to start to rebuild it. And that takes time. But you can rebuild it.

So don't think that if you make a mistake you can't recover from it. It's not true. You can clean up your credit score.

But if your credit score's low like you said, and you need something today, then you're going to want to have a cosigner. find somebody like a parent or someone that you trust who has a strong credit score that can co-sign for you and pretty much tell the bank, "Yeah, I know their credit score is bad, but hey, if they fail to make the payments then it becomes my responsibility." And so then the bank feels safer giving you the loan because they know that if you default on it and you don't pay it, the cosigner can step in and pay it.

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