The bolded seems anecdotal; is there any official source?
http://www.moneysense.ca/debt/know-your-credit-score: While you can check your own credit as many times as you’d like, others can only check your rating twice in 12 a month period before that info turns up on your credit rating. “Applying for a loan at five different places shows that a person is having trouble getting credit and may not be financial stable,” says Schwartz. “What happens if they all say yes and now all the sudden you have five times the credit then you did before? There’s a real risk you won’t be able to handle it.”
Battison points out that you can have your credit rating pulled more than twice within two-week if you’re shopping for a mortgage or auto loans. That won’t raise any red flags, she says, it just signals that you’re likely shopping for something specific.
http://www.moneysense.ca/debt/a-score-to-settle: Each credit-card application, however, always counts as a separate inquiry. This is why consumers should be wary of signing up for retail and department store credit cards, says Dan Barnabic. Credit cards from stores like The Brick and Home Depot entice consumers because they offer deferred interest payments that appeal to young families.
But, says Barnabic, signing up for those two credit cards could lower your credit score by 14 points.