I have both upper and lower t-stats turned up all the way(150 F) on my elec water heater and I was told that it being to hot inside that will do some damage, how true is this?

The only damage it will do is

Scald you with hot water that is way to hot for use in the shower or tub/sink.
Empty your savings account from storing all that extra hot water.
Never heard of 150 F water damaging the heater itself but the heaters will be on longer to heat the water higher so the elements might go bad a little bit sooner..