It sounds like for me it probably won't help to have an ultra-high score.
The reason I posted is that I am currently renting an apartment but looking to buy a home in the near future. My credit score is currently 802. While that's nice, if I will qualify for the identical home loan regardless of whether I have an 802 or a 760, then I don't see any reason to get especially excited about my score.
On the contrary, I might be leaving some money on the table, so to speak. Here's what I mean.
I am a frequent reader of MyMoneyBlog, and the author there advocates a judicious strategy of applying for credit cards in order to take advantage of $500+ signup bonuses. Based on a lot of research I did yesterday, I think that given my current utilization ratio, average age of credit cards, etc. applying for one or more such cards would have a small, temporary,
negative effect on my score.
If I already owned a home, then in seems to me that enduring a small, temporary, negative effect would almost certainly be worth $500 or more in credit card bonuses per application. But if applying for the cards lowered my score to say, 799 or 795 or 789, and if those lower scores ended up meaning that the rate on a home loan was even a tenth of a percentage point higher, then the money I earned today in credit card bonuses almost certainly wouldn’t offset the extra money I’d pay over time on the loan. But if I am going to get the exact same loan whether my credit score is 760, 780, 789, 795, 799, 802, or 850, then I don’t see any disadvantage *in my particular case* to periodically signing up for credit cards in order to take advantage of the bonuses they offer.)
Thanks again for your replies to my posts!