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I can only speak to my own experience with the Chase Circuit City Credit Card. When they went belly up, the card was closed by Chase. I didn't have any sort of balance on the card, and it actually only showed up on my credit reports as a closed account (closed by grantor) for a few years then disappeared. I did not do anything special to make it disappear, it was just POOF! Gone. This was during my early rebuilding process, had no score impact when it went away.
Given that it's been 7 years per your own statement, it's likely to fall off soon. If it's not negatively impacted your credit report during all this time (and given your scores, it probaby hasn't), I'd suggest simply leaving it alone and let it fall off. Sometimes, the less attention, the better...