Closing an account will be just that. Closed. But all the age metrics are still calculted into your FICO score up to 10yrs until it falls off. Only negative is if your aggregate util is high. It will go higher. The credit line no longer counts.
I agree with @FireMedic1. I just closed my Cap1 card that was $39 annually with a low limit. I did lose 3-points at EQ and this closure was the only change I saw. No point loss with Trans or EX.
@Alucard wrote:What are the negatives for a closing a low limit high interest card with an annual fee? The only reason I kept it this long is because someone told me if I closed my aaoc would go down.
sorry for the newb question, please let me know.
No problem, never a newb question here. 
Anyway, whoever told you that was wrong - your AAoA (Average Age of Accounts) will NOT go down by closing an account. Its age will continue to factor in for up to 10 years. As mentioned already, the only loss would be its credit limit would no longer be factored into your overall credit limits, potentially causing a utilization spike.
@Alucard wrote:What are the negatives for a closing a low limit high interest card with an annual fee? The only reason I kept it this long is because someone told me if I closed my aaoc would go down.
sorry for the newb question, please let me know.
No real negatives. Get rid of it asap.
Your AAoA isn't affected by the closure. Closed accounts continue to be factored into your AAoA as long as they continue to be reported, which is typically 10 years.
