Closing it will NOT necessarily lower your score unless it affect your utilization rate. So if you can keep it down below 9%, and manage to only carry a balance on one of your remaining cards, I don't see why you wouldn't close it. (I'm assuming there is a hefty AF on your card.)
Your good payment record on the card will stay around for 10 more years on your credit report.
My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
Actually, depending on what scoring bucket you are in, having only 1 card may lower your score, regardless of utilization. If the AF is a significant burden, that is a different issue. Otherwise, I would leave it until you have 2 or 3 unsecured cards, then close it. Also, if it has been open less than a year, I'd at least get one full year of reported payments before I closed it.
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