What Happened To My Credit Score?

[jwthornhill]

After unsuccessfully getting our interest rate reduced on our American Express Card. I tried surfing for some of the low interest balance transfer cards. After applying and being declined a couple of times I thought I'd check my credit report and score just to assure myself that there wasn't any fraudulent activity on it. Thankfully, there weren’t any signs of fraudulent activity but, I couldn't help but notice that the inquiries that I'd allowed for the balance transfer cards had negatively affected my score.

When I last checked my report/score, my score was 738. What I couldn’t understand was how it could drop to 702!? So, I figured I’d better hold off on the card surfing for a while.

NTBDF

[safari]

I've read somewhere that every time someone does a hard credit pull, your score drops by 5 points.