A "hard" inquiry is generated when creditors pull your report or score after you apply for a loan or line of credit. Your score falls because it shows you're interested in taking on more credit and therefore, more risk. Other inquiries are considered "soft," such as those triggered by you, your employer or companies sending credit card offers in the mail.

Some consumers believe if they pull their credit report every day to load up on "soft" inquiries, they will bump off the hard ones that weigh on their credit score.

"It's speculative. There's no indication there's a finite amount of space for inquiries," says Ulzheimer. And it's only a small part of the score. "There's better bang for your buck if you do more legitimate things."