For other types of accounts, it isn't only the inquiry that hurts: Some new accounts hit a borrower's score more than once.
Paperno explains that for credit cards and charge cards, the initial inquiry can lower a FICO score and, once approved, the actual appearance of the account on a credit report can hurt it again. Both items are "predictive of future risk, as it indicates the consumer is seeking new credit.
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However, with other types of new credit, FICO recognizes that borrowers typically shop around.