How many credit inquiries will hurt my score?

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I just applied for a Discover card and was approved. However, my bank (Chase) is running a promo right now for their card which is much better than the reason I applied for the Discover card. Also, the rates and fees are much lower on the Chase card.


I understand that multiple credit inquiries a year begins to hurt your credit score. My question is how many is too much? I realize I should have done more research than I did before applying for this card, but will one more card hurt? If not, and I do go get the Chase card, should I leave the Discover account open or go ahead and cancel it?

Additional Details

Thanks for the prompt reply Caren! I will not be carrying a balance (I never do), but in the event that I had to (think emergency), I would want better rates. As for fees, I was talking about annual fees.


I will not be doing any more credit card inquiries than the aforementioned possible second one for the next few years. However, I could possibly be purchasing a vehicle 8-12 months from now. Will the second card make this more difficult? Or are the 3 inquiries in a year the bigger issue? Would you mind explaining your answer a little bit more?

Also, if I do go with the second card, should I cancel the account with the first (it has not been activated or used), or just leave it open?

Also, I will be renting a new apartment in January. Does this change anything?

How many credit inquiries will hurt my score?