I've been rejected before for an offer and various "reasons" were cited, which have made me quite cynical about the whole process. Interestingly, those "reasons" were identical to the reasons why my credit score was only in the 790s, not 800s, in the Experian & Equifax reports. You could have one inquiry, and if "too many inquiries" appears on the list of things limiting your credit score, it could get cited. I believe that the reason I was declined was that I already had taken this credit issuer for hundreds of thousands of frequent flyer miles, and they just didn't want to give me more. For that reason, I always take the rare rejection with a grain of salt.