What I am finding is that it will show as closed by credit grantor (if you did not accept the new terms). And, consequently, the borrower is concerned that it wil negatively affect their credit score. No one seems to know if it will or will not.
In the meantime, if you don't like the new terms, you can always call and tell the creditor that you are closing your account and in that case, it will show as closed by customer.
Either way, it seems like your credit score might suffer in one way or the other.
Thanks for your help!