I am new to SharePoint stack exchange its been 21 days. I have edited few questions.
If our suggestions are rejected, then does that impact our Reps or something else?
Thanks
No it has no impact on your reputation. All that happens is that you do not get the "+2"-reps you would have gotten otherwise.
A rejected edit suggestion only shows under "Actions -> All" section on your public profile.
But, to limit the pressure on the approvers, you should try to learn from the edits that gets rejected (and the one that gets approved) to try to make as helpful edit suggestions as possible :)
Actually, while it is true that there are no direct impact of edit rejection on user reputation, saying that there is no negative consequence at all fails to take in account some other details.
Stack Exchange has an automated monitoring system that analyze rejection patterns. Full details about the algorithm aren't disclosed, but know that a negative rejection history can cause an user to become temporary banned from further edits. So, unless that component has been specifically disabled on our site, if you have to many of your edits rejected in a short time, you will risk to end up banned.
Furthermore, edits ban can also be manually given by mods. So, if you manage to get some mod attention with bad-edits, you will probably end up banned even without triggering the auto-ban.
That said, I had a look at your proposed edit before. While I usually skip most review that fall in murky water, know that many of them could be refused by more rigid users because they are "to minor". The actual definition of "to minor" is pretty vague, and so is the "community approved" expected reaction: some edit the post and uncheck the "was the review useful box, some reject the edit altogether, some leave a comment etc. The message here is to simply be somehow careful in editing post with just format correction or removing thanks - some users will reject such edits, and if you keep doing that in bulks the risk of getting a ban is actually a real one.