I've made something of a study of the mysteries of the FICO ratings.
There are multiple formulae that the 3 credit reporting agencies use.
In general, closing an established account DOES negatively affect a FICO rating simply because it reduces available credit. This can increase credit usage factor. It also reduces average length of credit history.
I followed the 'let it lie' strategy when I became disenchanted with Capital One years ago. Their 'no hassle' card morphed into a 'big hassle' card with a usury interest rate. I'm glad I kept it because it eventually morphed again into the 'quicksilver' card that pays me back a few hundred dollars a year. It's an old established account that adds credit history to my rating.
That said, I used the old 'open account, get discount' trick at Gander Mountain almost 10 years ago. The bank was Commenity Bank that serves several like retailers. I closed that after 14 months and it's STILL on my credit report as a positive factor.
So, these account histories can remain for a long time.
I'm not going to do business with people who wish to erode my civil rights. Others will fill whatever void is left by Citi, competition is what makes the world go round.
