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Can you get a loan, loc, or credit card with 50 Paydex?

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We finally got a Paydex score. But, it's only a 50 paydex. Realistically, does a Lender consider this a horrible score? Can I get a credit card or loan with a 50 paydex (no pg)?

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Welcome to the board.....

 

Please.... READ READ READ........They don't really go by the Score.. it's the accounts that you have! You must have accounts with High limits instead of several low limit accounts!!

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I'm not entirely familiar with how Paydex scores are calculated, but I thought they were entirely based on repayment, with 80 being the floor at which a business is paying in a timely manner on average. If I'm correct, I don't think you'll have much luck getting loans because you seem to pay late often.

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That means you have some serious lates.

 

Most loans are totally driven by your personal credit score, they won't even look at biz credit.

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Thank you... but DB said it bold face that we've had: NO LATE PAYMENTS IN PAST 24 MONTHS. Now you see my frustration. We are on time always

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Thank you... but DB said it bold face that we've had: NO LATE PAYMENTS IN PAST 24 MONTHS. Now you see my frustration. We are on time always

I cannot speak from experience, but I should think that you won't face many issues if the error is a miscalculated score.

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Yes....it's an error. They take forever to delete things. Is it worth going to the Lender and explaining?? Or wait until corrected to seek a loan?

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I have no advice to give on the matter. I've never seen or heard of a Paydex score lower than 75-85 on a business that pays on time, and every time I've seen a score lower than that the business would not have been able to get a loan anyway because they failed to meet their debt obligations.

 

This is why a Paydex score typically means nothing. It isn't like FICO's or VantageScore's consumer credit risk algorithms. If you pay on time every time, you and your lenders already know your Paydex score is 80 or higher without looking.

 

EDIT: Formatting

Edited by illusemycreditcard

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Also if there was something negative or late on there the score doesn't always correct itself right away. Something could have been placed on the report by accident and corrected before you even knew it.

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