Closing some of my credit cards makes sense to me. Am I correct?

[Nicole Heasley Beitenman]

Hi BP! 

I was talking to a friend of mine about credit. He says that each person is worth a certain amount of credit based on their income. 

Here was his example: Say you make $70k per year. You are then worth $200 in credit. If your house has a $100k mortgage, your car loan is $20k, and you have a personal line of credit worth $80k, you're done. It doesn't matter how high your credit score is; you are maxed out until you increase your income. 

Based on this, I would like to close some of my store credit cards. I took several out in college--Kohl's, Target, JCP, Macy's, Old Navy (I think that one is close), and NY & Co. I also have a Chase Visa and a Citi Mastercard. The only card with a balance is the Mastercard, and the only store card that I've found to be worth the incentives is the Kohl's card. The rest are used maybe once a year, if that. If I'm going to have credit taking up my limit, I'd rather it be credit I can use towards another deal. 

I know my credit will take a hit if I close these cards, but I don't see that hit being large, and I think my credit would recover quickly.

Is any of this accurate? 

TIA!