I have 20 inquiries over the last 2 years... refinanced with Penfed 15 years at 4% (no cost) in March. Their rate on the 5/5 ARM became so attractive and OUR current situation is such that it made sense to refinance into this loan (again no cost refi - will have to cash out $50k) so we applied and again was approved. Its not so much the inquiries but the credit score and ratios (front end and back end) that determines qualification. Obviously if you get the cards and run up the balances, your score will go down and so will the amount qualify for. Having said that knowing that I was going o do the first refi,i did lay off applying for CCs.