Hard Credit Inquiries And Credit Scores

A hard credit inquiry (that can be due to a credit card or checking account application) will temporarily ding your credit score which can be costly if you're about to take out a mortgage. How much of an effect will it be? Jim at Bargaineering has a good review of this question. His conclusion is that if you're planning on buying a house in the next two years, you should avoid opening a new line of credit.