About Lenny Points • Lenny Credit
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About Lenny Points

What are Lenny Points?

Lenny Points can be used to increase your credit line and to unlock exclusive Lenny features.

Getting a credit line increase with other companies can be a hassle. Most of the time, the only way to find out if you’re eligible for an increase is to call in, wait on the line, and ask a representative. Credit line increases aren’t guaranteed, and the eligibility criteria aren’t advertised.

Lenny Points are another example of Lenny automating parts of the lending industry that just don’t make sense. Lenny uses our Lenny Points to show our users how close they are to a credit line increase, and what they can do to get there faster. This system eliminates the hassle of getting a credit line increase that many old school companies still use.

How do Lenny Points work?

Lenny Points animated graph improving FICO credit score

Lenny points can be used to increase your credit limit and gain access to additional features. Points never expire and keep accumulating as they’re earned.

Everyone gets ten free Lenny Points (LP) just for signing up.

Earning Lenny Points Monthly

To earn more every month, members can earn points for the following:

  • 2 LP for an on-time payment
  • 4 LP for a month-end utilization ratio under 30%
  • 4 LP for paying your bill in full
  • 2 LP for reading all 10 of our finance blogs each month in the Learn section of the app

You can earn a maximum of ten Lenny Points per month through these actions.

One-Time Bonus Points

You can also earn one-time bonus points for reaching the following FICO® Score thresholds:

Lenny Credit FICO credit score Achievement thresholds

  • 30 LP for reaching 670
  • 40 LP for reaching 740
  • 50 LP for reaching 800

How Lenny Points Unlock Balance Increases

Once you earn enough points and reach one of the Lenny Points thresholds below, a perk is unlocked.

  • 60 Points . . . . . . . . . First Balance Increase
  • 100 Points . . . . . . . . Second Balance Increase
  • 140 Points . . . . . . . . Third Balance Increase

Lenny Credit FICO Score thresholds unlock balance increases

Does this help my credit score?

Lenny Points help build your credit score in two ways: By encouraging you to keep your credit use low (below 30%), and by offering a way to increase your credit score relatively fast.

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Many lending agencies use the FICO Score® as their credit score of choice. Your credit score can be used to determine eligibility and rates for student loans, credit cards, mortgages, auto loans, and more. Having a high score is an excellent way to get favorable terms and low-interest rates.

Your credit line impacts the second largest part of your FICO Score®, called “Credit Utilization” or “Amounts Owed.” Credit Utilization is a ratio of how much money you’re using out of your available line of credit. The lower it is, the better. When the credit utilization ratio starts to get above 30% of your available credit, your score may start to drop.

Increasing your line of credit early will help keep your credit utilization ratio down and improve your overall credit score.

For example, if Jon had a limit of $1,000 on his Lenny Credit account and owed $500 at the end of the month, he would have a credit utilization ratio of 50%; not good. In addition to healthy payment habits, a credit line increase would help keep his utilization ratio down, improving his credit score.

As part of the FICO Open Access program, Lenny provides every member with their FICO credit score and personalized tips on how to improve it.

Bottom Line

Lenny Points are a straightforward and easy way to increase your line of credit and gain access to new exclusive features. The points never expire and accumulate for as long as you have an account with Lenny. Points are earned by completing actions that will increase your credit score, like paying your bill on time and keeping your credit usage ratio low. Having a higher credit limit lets you spend more money responsibly while increasing your credit score.

What’s not to love? If you haven’t already joined the Lenny revolution, start building good credit with Lenny by downloading our app!

As always, ask our support team if you need any help, and keep an eye out for more new features.

Download Lenny Credit in the iOS App Store