I created a Paypal Credit Account in Quicken (2014) by doing the following:
Open Account List in Quicken (ctrl/A), then click Add an Account;
In the Add account dialogue, select CHECKING that is listed under spending and savings;
Enter "Paypal" in the Enter the Name of your bank search box, and select it from the results list, then click NEXT
Enter your Paypal ID and Password credentials (NOT the ones for Bill me Later) and check the "save this password" checkbox if you wish to avoid entering it each time you update, then click NEXT;
Quicken will then do its thing and go online to log into your account.
I was then presented with two accounts found, one being Paypal Credit, the other being my regular paypal activity.
For the regular paypal activity account, choose "IGNORE" from the dropdown box if you do not wish to have those transactions downloaded. This is what I did, since I enter my purchases manually as they occur.
For the Paypal Credit account, leave the dropdown default of "ADD" and change the Nickname to your liking.
This worked for me and a new Paypal Credit account was added. I had no outstanding balance, so what may download will depend on your recent activity.
As far as any old Bill Me Later account you may still have active in Quicken, you should deactivate online services. You may also Hide it in the accounts list, if desired.
If you were using online bill pay for your Bill Me Later account, you may want to delete that online payee and add one for Paypal Credit. (I think everything is the same except the name, so you may be able to just edit BML to PPC).
Good luck
