I feel your pain Travelz. I was shut down in March and 1 month later my wife's account was shut down. Was MSing singup bonuses. Got eyes on the accounts due to stupidly not updating new banking info and had 2 payments returned in succession. Luckily I did get the signup bonuses for most of the big cards just in time.

I can tell you that my credit report was not impacted heavily. Following notes were included in the comment section for each closed card:

Comment - "Credit line closed-grantor request-reported by subscriber". I plan on applying after the 12 month window has passed.

Bottom Line: Dont get eyes on your account by doing something stupid

Good Luck!