Here is a breakdown of how the Paydex credit score is calculated:
Expect payment may come early ………………….100
Payments generally come within early ……………90
Payment is prompt ……………………………………..80
Payment comes 14 days beyond terms …………..70
Payment comes 21 days beyond terms …………..60
Payment comes 30 days beyond terms …………..50
Payment comes 60 days beyond terms …………..40
Payment comes 90 days beyond terms …………..30
Payment comes 120 days beyond terms………….20
If you own a business, your Paydex score is essential in establishing new credit and continuing to build credit limits exceeding $100,000. It only takes 60 days to establish a positive Paydex credit score. To start you will first want to apply for a DUNS Number, a nine digit business identifying number, with Dun and Bradstreet. Once your DUNS number is established you will next want to find a merchant who will extend you credit and then report that credit to Dun and Bradstreet. Once you have positive business credit report to Dun and Bradstreet you will have a positive Paydex score established. You will want to then apply for more business credit and use it regularly. Make sure you pay all payments back early to raise your scores to 80 or higher.
You can easily and quickly establish a positive Paydex credit score. As you continue to pay your bills timely your scores will continue to raise giving you the ability to qualify for credit in your business name.