whoa! some life lessons on that Byrdman, that's so messed-up 
i have a balance on a wamu card (to complicate things- now chase) with a 5% rate. it has been maybe 4 mos. and i will be finished in about 12 months, if i could confirm that they have a co policy after 6 months on a closed acct. i would handle it differently but i am hesitant to give up the rate since it's one last benefits of having apped for the wonky card. clearly not worth a co so i better get a move on in any case, thanks!
@Junejer wrote:
Real talk here. Back in 99, I had an expense card for the bank that I worked at. When I left that job for another position, they said that they wanted the card PIF, before I left. I asked if they were going to cut my expense check before I left and they said no. I told them that, as usual, I will PIF the balance, when I got my expense check.
They harassed me so badly that it became quite ugly. I mean, they would literally call me two to three times per week at my new job, at home and on my cell asking about this balance. Well, a month after I left, I got my expense check. Because I was so upset about the harassment, I decided to pay off the remaining balance in minimum payments. They decided that it wasn't quick enough and decided to sue me. I couldn't make that court date and offered up another court date. They said not a chance, and whamo, I got a default judgment against me. This was bitterness on their part and stupidity and stubbornness on my part. The combination didn't end up well for me.
Anyway, this isn't exactly the same thing, but similar enough--closed account with a balance and always paid on time went very badly for me. I have also read stories about members who have closed CCs paid on time, being CO. CO doesn't mean delinquent, it is just an accounting entry. Some entities have a policy that at the six month point of being closed, they are charging off.
I believe in karma. The atty that the bank used to sue me was the atty of one of my clients at the new bank. This client was very wealthy and influential. One day the three of us went out to lunch (client just mentioned he was bringing his atty--didn't mention name). As soon as he introduced him, I recognized the name. The following week, I paid the atty a visit at his office and explained the situation to him. He filed the motion to vacate (or whatever it's called) and I wound up getting it off of my CR. It was only on there for a month or two tops. 
Starting Score: 469
JMHO, but I think that it matters, both how it was closed and what was agreed upon at the closing. If you didn't have an arrangement, they can CO of the debt, sue you (like they did me) or whatever their twitchy little minds decided.
About 3 years ago I opted out of an interest rate hike. I closed the account and was able to keep my 1.99% lifetime rate.
To this date I pay about double the minimum. My rate is still 1.99%, the account reads "closed by consumer" on my credit reports. It shows my original credit line and the current amount I owe and reads PAYS AS AGREED every month.
Look below to see how much it changed my FICO scores
Let me guess....B of A?? Did the same to me. Since they were unwilling to re consider, I set up payment arrangements I could afford with no interest accruing.
I was told the card would report in good standing.....but we'll see. Hope it works out for you.
Hang in there 
The common theme that I am hearing from those of you who have payment arrangements is that YOU closed the account and had an agreement in place upon doing so (not that there aren't people who are on the other side ot the ledger in the same position). That said, the balance is still counting in your util.
Not me, I was 30 days late and that apparently prompted B of A to run my score for whatever reason and they then decided that my score wasn't as high as it was when I they approved my credit card.
I was ssssooo mad!! had had it 2 years and they just closed it.....
I suppose all the name calling and cursing I did didn't help me with that reconsideration I asked for when I finally reached a manager tho either......my bad