I'm surprised there's so much misconception around this. Hang around the myFICO forums and you'll learn a lot. FICO accounts for all accounts, open and closed, so even if you close an account, it will still be scored the same way. I closed my oldest CC account because it had an annual fee, no rewards, and low limit. My score didn't change. Even more drastic, I closed out 13 of my oldest accounts (student loans) and my score remains the same. With that being said, if this card is a large amount of your credit limit, and you have reported balances on your other cards, your score will go down because of increased utilization.