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First off, if you have that money I would pay your debt obligations , see if you can get PFD and clean up your negatives first. That right there is killing your scores.
Spending less will show creditors that youre using credit responsibility. The 30% rule is generally to keep your balance low. Some do spend as much as 50% is still going good with credit because they are usually paying it off in full instead of carrying a balance. You never want to really max out your credit limit, let alone, go over it (if the creditor allows it) as that usually sends a red flag to other creditors that arent responsible.
Next, if you have the money, its best to do a PFD. This can usually means settle or PIF (though most CA will want to be PIF to do a PFD, but some do allow one to settle and they may remove the item anyway).
A small off topic note (but still related to OP): If youre planning to get a loan to buy a business, you may want to incorporate into either a corp or an llc and build the business up so you can get a business loan with that entity instead of you personally. Though it may be unlikely that you will be able to get one without going a PG, its still worth the shot, especially if youre planning on doing a down payment, put that money into a business account (maybe a business savings account), and while you are rebuilding your personal credit, build your business credit up so when its time to sit down with a LO to pitch to them why you want this loan, you will have business credit plus the money to use as a down payment. Maybe build a relationship with the bank first since this would be a serious purchase, and since you are putting down payment around 30% towards the loan, they may take you serious and allow you to do it without a PG. From there you can purchase the profitable business, merge that business into your own and continue operation to pay off the loan, all while maintaining limited liability. While I do not know what business youre referring too, keep in mind that you would want to do due diligence before doing any major purchase like this. If this isnt to buy a business but just for a business loan, this can still go a long way and to reduce your liability.