Author Topic: Is it really worth the points/rewards  (Read 2160 times)

Offline michael

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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

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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.
Trolls will always post stupid replies

Offline daganster

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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

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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.

Offline Baruch

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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 »