I decided no more inquiries a while ago and I was doing well, but unfortunately my cable co stopped servicing my area and the co. that took over ran my credit even though I was only signing up for the FREE basic cable they were offering to my complex...then I got fed up with Verizon and switched to Sprint for my cell phone when my contract was up, and of course they had to run my credit. So I haven't had any inquiries for credit, but my utilities ruined my "no inquiries" goal 
Oh well I'll have to start again for the new year. Goal - only one inquiry, and that will be when I go for a mortgage pre-approval!
When were these inquiries? You say they were recent? From a few days/weeks ago? If so, that was LAST year; focus on this one. If they were from yesterday/today, then I agree with Smug, just shrug it off as a setback. Or, mentally reset your calendar a couple of days forward. 
Although I haven't read the entire thread yet, I know the pain of a little too much apping. While the actual inq's went to different reports, the apps & new accts have hit me in the belly of my FICO score!
I apped for & rec'd a Zales for 5k, NFCU nRewards for 25k & got a cli with Lowes. My EQ score dropped from 754 to 732 with the NFCU app & TL with balance x-fer.
It will all eventually rebound as stuff gets paid down, but it is what it is. No pain-no gain. I'm cool with my cards & limits. There's nothing else I need right now. Now I just need to leave the apping alone & pay down those balances.
I have small cards and no balances I wanted to start the year off right 
My new accounts haven't hit my CR yet, but my scores have dropped about 20-30 points already. This year is definitely the year for gardening the current accounts because before my new accounts my TU FICO was 720 (Nov 2010)!!! It's now 679 and EQ is 676 (bought scores yesterday). Now I'm plus 4 INQs, plus 3 accounts, and plus $14,400 in new trade lines. Hopefully, as I pay down other balances and these report the new credit it will help bring my utilization down and bring those scores back up.
Good luck all!
I've already failed in this mission and was declined for Chase Freedom - can you guess why? TOO MANY INQUIRIES. Hahahaha, oh the irony. No more app'ing for at least another 360 days. I CAN DO IT IF I PUT MY MIND TO IT!!!!! Hahaha, I hope.
Sorry, Smug, I have failed you.