Yes - your scores will probably go down. But how much depends on how much credit lines you have with them relative to your other credit lines. If this is a large chunk of your unsecured lines (and you have little secured line), then I suspect you will face a little hit.
If you have many other credit cards and advanta is just a small part, then don't sweat it. It may turn out to be just a few points.
Re: reporting as closed per your request - dunno, ask them and tell us about your outcome.
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