Hi Tbird5...
Sorry to hear that this happened to you. If you do some reading here in the forums (especially the Credit Card forum), you will see that you are not alone. Many credit card companies are doing this to good long-standing customers.
Closing the card will not hurt your FICO score...unless you carry balances on your credit cards. A large part of your FICO scoring is based on your credit utilization...how much revolving debt you have compared to your credit limits. As long as you continue to pay down your balance on this card, the credit limit will still be factored in to your utilization percentage. Once this balance reaches zero, the credit limit will no longer count. So...if you have a lot of balances, that may be an issue for you.
Otherwise, when you close a card, the tradeline remains on your credit report for about another ten years. So, it continues to factor into your Average Age of Accounts (AAoA). That's a good thing. You didn't say if this was your oldest card. If it is, you may want to think twice about closing it.
It would help for us to advise if you give a few more details...do you have a balance on this card?...other cards?...is it your oldest tradeline?
