Author Topic: Is it really worth the points/rewards (Read 2960 times)

steroplasma · « **on:** January 21, 2014, 09:42:23 PM »

If i'm in the market for a new house anytime between now and the next 2 years is it really worth to play the points game and then risk the mortgage costing an extra triple or quadruple more than my reward over the next 30 years given the lowering of my fico score? i mean even if my rate is just affected by a few decimal points that could add up to way more than the price of a couple free RT tickets ?

avremie · « **Reply #1 on:** January 21, 2014, 09:52:07 PM »

Your own answer in NO.
Unless you were just trying to bring this to the attention of others that may not realize the consequences.

sky121 · « **Reply #2 on:** January 21, 2014, 09:58:04 PM »

Maybe he just wanted confirmation. No, not worth it IMO.

Ergel · « **Reply #3 on:** January 21, 2014, 09:58:42 PM »

And what if you raise your credit score and save yourself some money in the process?

sky121 · « **Reply #4 on:** January 21, 2014, 10:02:02 PM »

Quote from: Ergel on January 21, 2014, 09:58:42 PM

And what if you raise your credit score and save yourself some money in the process?

One or two pulls yes but AFAIK having many pulls on your credit report is not helpful when it comes to applying for a mortgage. Is that not correct?

Ergel · « **Reply #5 on:** January 21, 2014, 10:03:00 PM »

Dunno. I had no issues but my mortgage was in Canada (although they did pull my US report

steroplasma · « **Reply #6 on:** January 21, 2014, 10:07:54 PM »

Quote from: avremie on January 21, 2014, 09:52:07 PM

Your own answer in NO.
Unless you were just trying to bring this to the attention of others that may not realize the consequences.

I just want to know is there a reasonable possibility that by playing the points game I will perhaps have short term gains on the expense of long term losses by my mortgage being more expensive.

ilherman · « **Reply #7 on:** January 21, 2014, 10:19:38 PM »

Dan always keeps on reminding us, he haves a score of almost 800 IIRC, you just have to know how to play safe.

Ergel · « **Reply #8 on:** January 21, 2014, 10:20:58 PM »

Repeat after me ein meviim raayah miDan

alpicone · « **Reply #9 on:** January 21, 2014, 10:24:37 PM »

Credit score is one thing but not every bank will be okay with a letter of explanation for 10 inquiries in the last 6 months.

shmooz · « **Reply #10 on:** January 21, 2014, 10:26:25 PM »

i was able to refinance without a problem. But that's my bank and others may be different. And if I couldnt refinance its not the end of the world. I agree with above posters that's its not worth the risk if you're looking for a house.

steroplasma · « **Reply #11 on:** January 21, 2014, 10:35:12 PM »

Thanks guys I think i'll hold off.

ilherman · « **Reply #12 on:** January 21, 2014, 10:42:14 PM »

Quote from: alpicone on January 21, 2014, 10:24:37 PM

Credit score is one thing but not every bank will be okay with a letter of explanation for 10 inquiries in the last 6 months.

True. But doing a 3BM now wouldn't bother him in 2 years from now if he is handling everything Kehalucheh.

ilherman · « **Reply #13 on:** January 21, 2014, 10:52:11 PM »

Quote from: Ergel on January 21, 2014, 10:20:58 PM

Repeat after me ein meviim raayah miDan

True... He always finds Saver award's etc.....

Baruch · « **Reply #14 on:** January 21, 2014, 10:53:41 PM »

For many ppl this game has highered their credit scores.

Centro · « **Reply #15 on:** January 21, 2014, 11:03:55 PM »

Quote from: Ergel on January 21, 2014, 10:20:58 PM

Repeat after me ein meviim raayah miDan

avremie · « **Reply #16 on:** January 21, 2014, 11:15:00 PM »

no one here is saying not to go for 1 CC

shimino1 · « **Reply #17 on:** January 22, 2014, 12:11:40 AM »

Quote from: Baruch on January 21, 2014, 10:53:41 PM

For many ppl this game has highered their credit scores.

?

Freddie · « **Reply #18 on:** January 22, 2014, 09:03:29 PM »

I took out my mortgage a year before I started playing the miles game so I cannot speak from experience on that. HOWEVER... I can attest that my score has gone from a mid 700 to a high 700 / low 800 in ten months. That's with at least ten pulls and it still shot up 50 points or more.

For me, taking out lines of credit was a huge boost because it gave me a bigger credit line and thereby lowered my utilization. Every situation differs though, I guess.

daganster · « **Reply #19 on:** January 22, 2014, 09:10:49 PM »

When I refinanced my home my mortgage broker kept telling me to hold off and not open new CC's. At first I listened to him, but when it kept dragging out I applied for cards like a real churner. The only issue I had is that they questioning me about the new credit lines and needed to verify that I didn't accumulate more debt other than that it wasn't a big deal.