from Lenny website
The company tries to look at things other than what the typical FICO credit score indicates regarding your credit history. Lenny takes into account broader factors and compiles a report based on qualities that are often overlooked in the financial world. It’s an excellent app for college students as they take your major, year in school, GPA, and the school you attend into consideration. Before the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, thousands of college students were locked into credit card accounts with unreasonably high fees and interest rates. This made it hard for anyone under the age of 21 to get a credit card. I recall signing up for a credit card with a $300 limit and a 29.9% APR my first year of college, which ruined my credit as i did not have the money to make payments.Melissa Monte, the Lenny's director of media
Lenny’s CEO and founder Joe Bayen had a similar experience. As a French native who came to the United States to attend college, Bayen was taken aback by the differences in lender-customer relationships between the two counties. For starters, France strives for long-term relationships with their borrowers. College students are allowed an overdraft allowance of as much as $500 with no penalty fees. Bayan stated that people in France don’t tend to leave their banks. Banks know that if they cut their students and young people some slack, they will be lifelong customers.
Establishing credit at a young age is essential. Future landlords will look at your credit score when it’s time to rent or buy a home. Your credit scores also determine your credit card limits, what your interest rate will be, how likely you are to receive a home or auto loan, and what terms you will gain financially in the future. Good credit will benefit you with just about every financial decision you make. Lenny works by allowing you to borrow money and make payments to establish good credit. The app keeps track of your payments and will enable banks and lenders to use factors other than your FICO score to determine your level of responsibility.
It can be done in less than ten minutes, provided you have all of your information handy.
The app is available on Android and iOs.
The app will ask you questions about your credit history and personal information. It will need to know whether or not you’re a student.
You can apply for up to $10,000, but it’s best to start small if you’re new to building credit. The average amount approved is right around $300, but this average increases every week.
Once you start making your payments back to Lenny, the app records this information and sends it to the major business bureaus to help get your credit line up. Also, Lenny rewards you for making payments on time by earning up to a $1,000 credit increase every few months. Students can earn up to $300 each semester if they pay on time.
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