Balance Transfer of $19k? Need help!

[armse]

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.

[jecky125]

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).

[keithff15]

i think you should not hurry onto a decision, as you have made commitments with the bank for more than 7 years i think they might be able to provide exceptional services to you so try out talking to the bank and the options they provide, it is very important that you don't rush specially in money matters