Author Topic: Is it really worth the points/rewards  (Read 1521 times)

Offline steroplasma

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Is it really worth the points/rewards
« 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 ?
« Last Edit: January 21, 2014, 09:46:05 PM by steroplasma »

Offline avremie

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Re: Is it really worth the points/rewards
« 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.

Offline sky121

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Re: Is it really worth the points/rewards
« Reply #2 on: January 21, 2014, 09:58:04 PM »
Maybe he just wanted confirmation. No, not worth it IMO.
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Offline Ergel

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Re: Is it really worth the points/rewards
« 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?
Life isn't about checking the boxes. Nobody cares.

Offline sky121

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Re: Is it really worth the points/rewards
« Reply #4 on: January 21, 2014, 10:02:02 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?
"Not all who wander are lost"

Offline Ergel

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Re: Is it really worth the points/rewards
« 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
Life isn't about checking the boxes. Nobody cares.

Offline steroplasma

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Re: Is it really worth the points/rewards
« Reply #6 on: January 21, 2014, 10:07:54 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.

Offline ilherman

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Re: Is it really worth the points/rewards
« 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.
You can say what you think when you think what you say.

Offline Ergel

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Re: Is it really worth the points/rewards
« Reply #8 on: January 21, 2014, 10:20:58 PM »
Repeat after me ein meviim raayah miDan
Life isn't about checking the boxes. Nobody cares.

Offline alpicone

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Re: Is it really worth the points/rewards
« 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.

Offline shmooz

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Re: Is it really worth the points/rewards
« 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.

Offline steroplasma

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Re: Is it really worth the points/rewards
« Reply #11 on: January 21, 2014, 10:35:12 PM »
Thanks guys I think i'll hold off.

Offline ilherman

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Re: Is it really worth the points/rewards
« Reply #12 on: January 21, 2014, 10:42:14 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.
You can say what you think when you think what you say.

Offline ilherman

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Re: Is it really worth the points/rewards
« Reply #13 on: January 21, 2014, 10:52:11 PM »
Repeat after me ein meviim raayah miDan
;D True... He always finds Saver award's etc.....
You can say what you think when you think what you say.

Offline Baruch

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Re: Is it really worth the points/rewards
« Reply #14 on: January 21, 2014, 10:53:41 PM »
For many ppl this game has highered their credit scores.
When somebody thanks you for a favor you've done, respond "my pleasure", not "no problem".