Trying to understand my credit history and average age of accounts

[TonyPlush]

I am trying to determine how detrimental obtaining several new credit cards would be to my credit score. 

-According to MyFico Experian, my oldest account was opened 3 years ago
-However, it also says my credit history is 37 years (authorized user on parent's card)
-Average Age of Accounts: 1 year
-CUR: 3%
-0 late payments 

Experian score as of August 2014: 741
Experian score as of September 2013: 747

Accounts/History:
-June 1977: AU on parent's card
-August 1994: AU on parent's card
-August 2011: Student Visa Bank of America
-June 2013: Bank of America Cash Back MC
-September 2013: Chase Sapphire Preferred
-March 2014: AMEX Blue Sky
-March 2014: United MileagePlus Explorer

I can't tell what effect the two authorized user accounts are having on my credit score, since it appears they aren't factored into average age of accounts. 

I am considering applying for three more credit cards for the bonuses; however, I'm concerned about my AAoA being only 1 year, and the effects of 3 additional cards.

I would like to purchase a home within the next 3 years, so my ultimate goal is a credit score around 760. 

[Anonymous]

Adding more cards will lower your AAoA but going below 1 year probably won't kill your credit score that much.  For your potential mortgage 3 yards is a long time in the credit Workd so whatever drop you might take you will have plenty of time to get to 760 and above assuming you pay on time etc.  If an American Express card is one of those you are interested in wait until January to apply so that you get a date of January 2014 for that card.  In short I'd go for the cards you're interested in and get those bonuses.

[Anonymous]

Also the only real effect of those two AU cards is for overall utilization, not much more.

[NRB525]

What are the credit limits on the cards you have, excluding AU cards?

What cards are you considering? You have a good lineup of cards already.

Regarding AMEX Blue Sky, that is not AU? Is the Member Since date updated if your parents have an AMEX already?

Welcome to the forum!

[HiLine]

Don't apply for anything if you plan to apply for a mortgage in the next year. Otherwise, get all credit cards you want this month or January and stop applying until you get a mortgage; the negative impact of the new accounts will have faded by then. If you want to hit 760 on FICO 04, you may want to consider opening an installment loan, though if your goal is obtaining the lowest interest rate, that may not be necessary. I was able to get the lowest rate with scores in the 720-740 range this month.

[TonyPlush]

Thanks for all the insight guys. 

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@NRB525 wrote:

What are the credit limits on the cards you have, excluding AU cards?

What cards are you considering? You have a good lineup of cards already.

Regarding AMEX Blue Sky, that is not AU? Is the Member Since date updated if your parents have an AMEX already?

Welcome to the forum!

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AMEX Blue Sky is not AU, and my parents do not have any AMEX cards. 

Current credit limits are as follows:

BoA Student Visa: $1,900

BoA Cash Rewards: $5,000

Chase Sapphire Preferred: $10,400

AMEX Blue Sky: $15,000

United MileagePlus: $16,200

Total credit limit excluding the two AU cards: $48,500

I am considering:

Citi American Airlines Platinum Select Personal Mastercard (50K miles) 

Barclays US Airways Premier World Mastercard (50K miles) 

Chase Southwest Rapid Rewards Premier Visa (50K miles, $100 statement credit) 

[TonyPlush]

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@HiLine wrote:
Don't apply for anything if you plan to apply for a mortgage in the next year. Otherwise, get all credit cards you want this month or January and stop applying until you get a mortgage; the negative impact of the new accounts will have faded by then. If you want to hit 760 on FICO 04, you may want to consider opening an installment loan, though if your goal is obtaining the lowest interest rate, that may not be necessary. I was able to get the lowest rate with scores in the 720-740 range this month.

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Yes, my goal is to obtain the lowest interest rate possible. I'm not concerned about the score iteself as long as I receive the lowest interest rate available. 

I'm definitely not applying for a mortgage within a year. At the soonest it would be around two years, with 3-4 years being more likely. 

I've read a few cautionary tales of young credit users applying for too many cards too quickly in their credit life. They then take massive score hits and have trouble recovering, because their credit history is so young. I just want to make sure I avoid that. 

[TonyPlush]

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@TonyPlush wrote:

Thanks for all the insight guys. 

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@NRB525 wrote:

What are the credit limits on the cards you have, excluding AU cards?

What cards are you considering? You have a good lineup of cards already.

Regarding AMEX Blue Sky, that is not AU? Is the Member Since date updated if your parents have an AMEX already?

Welcome to the forum!

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AMEX Blue Sky is not AU, and my parents do not have any AMEX cards. 

Current credit limits are as follows:

BoA Student Visa: $1,900

BoA Cash Rewards: $5,000

Chase Sapphire Preferred: $10,400

AMEX Blue Sky: $15,000

United MileagePlus: $16,200

Total credit limit excluding the two AU cards: $48,500

I am considering:

Citi American Airlines Platinum Select Personal Mastercard (50K miles) 

Barclays US Airways Premier World Mastercard (50K miles) 

Chase Southwest Rapid Rewards Premier Visa (50K miles, $100 statement credit) 

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Also, if it makes a difference, the annual free for the United MilleagePlus card is due around March 2015. I plan on cancelling that card if I don't recieve a retention offer. 

[elim]

get the cards soon and age them together, your AAoA will be higher in 3 years if you do it now rather than wait.

[TonyPlush]

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@elim wrote:

get the cards soon and age them together, your AAoA will be higher in 3 years if you do it now rather than wait.

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They would still contribute to AAoA for 7 years after cancellation right?

All three cards have annual frees, so I don't intend on holding them longer than the first year.