Balance Transfer of $19k? Need help!

[kristi459]

I've had a Visa account with Providian (recently became WaMu) for 7 1/2 years. My limit is 20k. I have a balance of $19k. I have a great payment history... except last October, I got an over the limit and late pay from WaMu (just a couple of days, so not reported). WaMu upped my rate to 31% as a result. I called them and they refuse to negotiate the rate down. I've GOT to lower the rate as I am currently paying $500/mo in interest alone.

My credit score is 647, due to high debt to income ratio. I recently got a decent raise. I can make the payment, but need to pay down my balance to improve my FICO.

Is there any company out there that would open a new account for $19k and do a balance transfer? I really want to close the WaMu account.

I'm not trying to buy anything, so this isn't urgent. It's just obsurd.
Please offer any advise you can.
Thanks.

[Flamingo]

Since you are so close to the limit on your Wamu account, that is really lowering your credit score. I don't know what you owe on any other cards or bills but as to this bill at $19,000 at 31% you are paying a small fortune in interest. Again, you make no statement as to the amount of your other debt (if any) but since you may find it difficult to get a balance transfer at that high an amount on a new card, a debt consolidation loan from a bank may be your answer.

[PoorGrammyinBK7]

Or do 2 or 3 smaller balance transfers -- don't you get those offers in the mail? We do all the time. Some are for 0%, others for like 2.9% - for a set period of time.

However - ANY of them can change that if you are late. Or possibly they can anyway -we had a card (with a 4 year VERY good history) change our rate from 8.9% to 17.99% and we had not been late -- they just did it because they could.

[barbosa]

Credit Card Companies will do that when you score isn't where they think it should be and then they will increase your APR so that you'll move the balance else where. Have you rec'd any other offers from other credit card companies offering a low rate? If not maybe the way to go is to do a home equity loan to pay it off and take the interest you pay on that as a tax benefit (in most cases home equity loans the interest is tax deductable).
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Debt Consolidation