Based on the points you earn the privilege to correct others, current privilege policy is (subject to change at various times)
Editing any answer 500 points
Editing any comment 1000 points
Editing any question 2000 points
Closing any question 5000 points
You can check your current privilege by visiting http://tech.queryhome.com/user/Muhamed+Al-Sharif (select the privilege tab in the right)
But the other important benefit is that points brings you the followers more the followers more the chances of solution of the problem and more visibility as people are arranged in the way of points in the users list i.e. http://tech.queryhome.com/users
You can earn points in the following manner
1. Asking Good Question
2. Publishing Good Articles
3. Answering Problems
4. Referring your friends
