Balance Transfer of $19k? Need help!

[adrian_in]

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.

[Blaine Moore]

I think that your best bet (if you think that you can pay it off w/i 3 years) is to try to get a loan through Prosper or one of the other peer to peer lending companies.

Personal Loans at Great Rates! Get a Personal Loan at the P2P Lending Marketplace - Prosper

I've sent you an invite; check your email.

[Leigh Anne]

Perhaps you have resolved your problem but I am posting this link for anyone else who has a credit question.

There is a ton of information available at the Credit Info Center dot com. Take a look at the discussions on the forum category appropriate to your concern. I posted a question there a couple of weeks ago and I got immediate free feedback.

Debt Consolidation Credit Counseling Free Credit Reports Increase Your Credit Score

[posylane]

I don't know your credit history but getting one new card with a credit limit of more than $19k seems like it is asking a lot. And the zero interest cards typically seem to want you to transfer a balance before they tell you the credit limit.

You might try 2-3 cards, and transfer a portion of the $19k to each one. Done quickly you should be able to do it.

[posylane]

I am curious how the story turned out.