Author Topic: Is it really worth the points/rewards  (Read 1481 times)

Offline Centro

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2012
  • Posts: 2973
  • Total likes: 3
  • DansDeals.com Hat Tips 33
  • Gender: Male
    • View Profile
Re: Is it really worth the points/rewards
« Reply #15 on: January 21, 2014, 11:03:55 PM »
Repeat after me ein meviim raayah miDan
;D

Offline avremie

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2012
  • Posts: 864
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: milky way
Re: Is it really worth the points/rewards
« Reply #16 on: January 21, 2014, 11:15:00 PM »
no one here is saying not to go for 1 CC

Offline shimino1

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2013
  • Posts: 2209
  • Total likes: 68
  • DansDeals.com Hat Tips 8
    • View Profile
  • Location: israel
Re: Is it really worth the points/rewards
« Reply #17 on: January 22, 2014, 12:11:40 AM »
For many ppl this game has highered their credit scores.
?

Offline Freddie

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2013
  • Posts: 3098
  • Total likes: 238
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Pittsburgh
Re: Is it really worth the points/rewards
« 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.

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1331
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Is it really worth the points/rewards
« 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.

Offline michael

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Nov 2011
  • Posts: 580
  • Total likes: 3
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: new jersey
Re: Is it really worth the points/rewards
« Reply #20 on: January 22, 2014, 09:18:32 PM »
Did not have an issue when I refinanced last year. My broker told me that the best rates required a 740 which I had. No one asked about cc's. 

Offline ushdadude

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2013
  • Posts: 4305
  • Total likes: 96
  • DansDeals.com Hat Tips 5
    • View Profile
  • Location: Long Island
Re: Is it really worth the points/rewards
« Reply #21 on: January 22, 2014, 09:18:38 PM »
For many ppl this game has highered their credit scores.

I'm assuming a bank will look at more than just a number before lending someone 6 figures.
If you see something that is 50% off but don't need it, walk away and save yourself 100%

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1331
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Is it really worth the points/rewards
« Reply #22 on: January 22, 2014, 09:29:09 PM »
I'm assuming a bank will look at more than just a number before lending someone 6 figures.
Yes, they are more concerned in regards to your debt than your inquiries.

Offline Baruch

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2013
  • Posts: 2497
  • Total likes: 81
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Is it really worth the points/rewards
« Reply #23 on: January 22, 2014, 10:36:33 PM »
I'm assuming a bank will look at more than just a number before lending someone 6 figures.
So they'll see a bunch of ccs with no balance - Big Deal!

The credit score goes up with more cards because the debt to credit ratio goes down.
When somebody thanks you for a favor you've done, respond "my pleasure", not "no problem".

Offline Baruch

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2013
  • Posts: 2497
  • Total likes: 81
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Is it really worth the points/rewards
« Reply #24 on: January 22, 2014, 10:37:45 PM »
Did not have an issue when I refinanced last year. My broker told me that the best rates required a 740 which I had. No one asked about cc's.
According to the Mortgage Professor, anything higher than 720 is usually just as good as 720.


ETA: actually he now says the the financial crisis has caused a need for a higher score - 760 - and even higher.

http://www.mtgprofessor.com/a%20-%20credit%20issues/does_the_mortgage_market_reward_virtue.htm

That was written about 2009, it could be that it went back down. Maybe the new number is 740?
« Last Edit: January 22, 2014, 10:41:37 PM by Baruch »
When somebody thanks you for a favor you've done, respond "my pleasure", not "no problem".