I have a slightly different opinion/experience. My husband and I saw virtually no change in our credit scores (they are very high... over 800) when we removed/closed our inactive accounts. We closed about 4 accounts at one time. The risk of having credit open that we don't use and therefore don't really monitor is of greater personal risk to us than a slight drop in credit scores. If you truly have a high score, I don't think that closing some accounts will affect your ability to buy a house in the next few years. FICO scoring is not a very transparent process and so many factors come into play. YMMV
If I understand FICO scores correctly, I would close the newer accounts (part of your score is your length of credit).
Your credit history is 30% of your fico score.
Thank you ALL for your comments
This was on my ATT home page this morning Check it out It may help with your question
http://www.bankrate.com/att/news/DrDon/20080630_credit_card_cancel_a1.asp
Mary Ann
Mary Ann, you are a jewel.