Every time you apply for credit, it causes an inquiry to appear on your credit report and costs you a few credit score points whether you even open the account or not.

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One inquiry for new credit can knock as much as 25 points off a very high score, says Kenneth Lin, CEO of Credit Karma.

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In the case of credit card applications, every inquiry is counted separately, but each shaves fewer than five points off a FICO score, according to the CFPB.

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At 4.30pm the Work and Pensions Committee quizzes the final witnesses in its inquiry on Universal Credit, the new social security benefit which replaces Jobseeker's Allowance, Income Support, Child Tax Credits, Housing Benefit and other working-age benefits with one single payment.

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Committee chair David Davies is too modest a man to claim this reprieve represents possibly the swiftest, most successful inquiry in parliamentary history: "It's tempting to claim the credit but the QDG ran a very effective campaign".

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