When someone applies for a loan, the creditor will often look over their credit history. This credit history access is known as an inquiry, and it may have a tiny negative impact on your credit ratings. Hard credit queries (such as those made when someone applies for a loan) have the power to lower your credit history. They can remain on your credit history for up to 2 years and have a 1-year impact on your credit ratings. These few credit queries won't do much harm in most cases. Credit inquiries account for only 10% of your FICO score. So, unless you don't start applying for a new credit card frequently, getting a line of credit won't have a significant effect on your credit ratings.