Hi Wanbetty,
I'm 49 and the points stopped long ago for me/us but you won't be penalized, you just won't get as many points as a 25 yr old . If you have a valid job offer supported by an LMIA(this will bring you an added 600 points) then along with your level of education, you would have as good a chance as any. Other factors may include your time in Canada, how long you've been working in here, whether you have a spouse you wish to bring with you etc.
In regards to rejection, if you still plan to work and have a skill set that is in demand or a specialist area then I would say you are wasting time by not applying!
Ultimately you can talk to an immigration lawyer for a definite answer but there are some very knowledgeable people on this forum so I hope they can give you a more specific answer for free!
Best of luck!