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Question By
SamInth

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How do I rebuild my credit to apply for Business Line of Credit and Home Loan?
Hi everyone and thank you for the replies in advance. I am in a situation and wondering if anyone knows the best way to get out of it and accomplish my two goals (Home loan and Business line of credit).

Current Scores - TU(612 - 645), EQ (540), EX (555)
Current Accounts
Business loan only shows on TU - year old pay on time
Conns account - 6 month old pay on time $725 remaining balance was $1300.
Was secured now unsecured CC with Bank of America - pay on time $75 balance $1500 limit.
2 Unsecured Capital one cards (Classic - 4 months old, Quick Silver - less than month old) paid off $0 balance and $300 limit on both.
Walmart Store Card ($0 balance and $600 limit)
Huge Negatives:
One school loan active $2000 balance but 6 months ago was over 150 days behind.
2 Dept of Ed in default. They are being rehabilitated but won't come off supposedly until April. Only shows on EQ and EX but not TU.

Business Credit Lines usually go through EQ and EX so my business loan not showing doesn't help.

Home loan look at all three i suppose. I also have 13 hard inquiries in last 6 months attempting to get credit cards to re-establish my credit. What should I attack first. Thanks again and look forward to responses.

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Top Contributor
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You should get current on all your accounts and keep utilization under 30%. Then under 20% then under 10%.  The exception is installment loans (morgage, car, student loans) where you jsut need to keep them current. Periodically (every 6 months) call your creditors and ask for credit limit increase. Some of them will say no but some will say yes and the increased credit line will help.

Reply by
SamInth

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Thanks Iadald. I appreciate the input. I am on that track. I am at utilization of 9% or less now and just waiting for April until my loans come out of rehabilitation. I am on the other hand thinking of either getting a secured loan through a local credit union that reports to all bureaus. The business loan through TU only helps me for Capital One and others that use TU but not Wells or Bank of America which use EQ and EX.

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