Not in my experience. It definitely costs some credit rating, but (a) if you aren't applying for a loan, credit score isn't valuable to you to begin with, and (b) it bounces back within a handful of months. My credit score bounces around within a 30 point range centered at ~765 or ~785 depending on which bureau you ask.

I would suggest not doing this for a few months before applying for a mortgage or car loan. Also, only works if you pay your bills on time (auto-pay) and don't carry a balance (22% hurts) (i.e., have your personal financial house in order first).