yes there is truth to that statement....
you should not close that card, even if it is a burden for you...
that card represents your longest available open credit history (in that case, a revolving account).
closing that card can have a large negative impact on your credit score. By closing it, you will reduce your credit history to the length of time in which your next oldest card was opened.
Many factors go into ones credit score, but length of established credit history happens to be one of the main factors.
**my oldest card, which was opened when i was 18, is somewhat of a pain for me to keep open as well......
but, i always make sure to use it at least once every couple of months....
just having it may not keep you out of trouble, if you let the card go idle... the credit issuer (in accordance with your contract) can close your account due to inactivity.
or lower your limits, thus minimizing the gap between your total available credit and your outstanding debt... which will lower your score as well.
having a larger ratio of total available credit, as compared to total debt is viewed preferably by credit bureaus.