Do I need to cancel or close out my credit card account?? I was told by one person I don't need to do anything with it, but another told me to call the credit card company and close out my account... any advice??

Think about it a bit. If you do use it and pay the balance every month, it's similar to getting to use someone else's money for a part of the month. You can earn interest on what you would have paid out in the form of cash but don't because you the credit card bill is delayed. You might want to set it up so the credit card bill is paid automatically. Do that, of course, only if you have the discipline to be faithful to the plan.

no, closing it will actually hurt your credit score - they like to see you having a low balance compared to available credit - just lock it away and forget about it

close it. You take a chance on someone getting the info stealing your identity.
People obsess with the fico score thing.
Save for the things you need and pay cash. You will be better off.

of course all of these bankers and financers on here will tell you different. They wanna make money off of you.

Put the card in th bottom of your sock drawer and forget about it.
This will keep the account open and will improve your credit score.
If something happens where you need to, rent a car, get a hotel, emergency, you can use the card for that.
Pay off the balance each month, DO NOT carry a balance.
Your on your way to having a great credit score and live without the burden of monthly CC payments.

Folks like Bulldog below will cost you money.
By having a better FICO score you will qualify for lower interest rates. Even a quarter point on a home mortgage will be a huge savings.

My advice: be responsible. keep the account open, use the card infrequently, and pay off the full balance each month that you use the card. DO NOT MAX OUT, and do not charge more than you can pay back immediately.