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Balance Transfer of $19k? Need help!

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Balance Transfer of $19k? Need help!

Postby hector99b6 » Tue Jun 10, 2008 4:11 pm

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.
Last edited by hector99b6 on Tue Dec 23, 2008 1:08 pm, edited 1 time in total.
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Postby CorpRebel » Tue Jun 10, 2008 7:32 pm

Shop around at other banks for a better rate. You still should be able to negotiate that down a bit.

About your only option right now.


Good Luck!

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Postby alexc » Wed Jul 30, 2008 1:20 am

Look at something like LowerMyBills.com and compare credit card rates and offers with them. Ideally you should look at moving that debt to a secured low interest debt, possibly a home equity loan, or if you are really lucky, a personal loan. That way the balance can never go up, only down and you won't be tempted to spend more on that card. Additionally, the equity loan interest may be tax deductible. Another credit card really isn't the solution.
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Postby eskimo13 » Thu Jul 31, 2008 10:12 am

Hector,
31% is just criminal and although they are well within their legal rights to 'punish' you for a blip in an otherwise great payment record, you also have rights.

You probably get credit card offers in the mail all the time, right? If the bozos at WaMu refuse to negotiate, just tell them that you will 'surf' the balance to another card and they will lose all your future business. Statistically, about 25% of the time they will reduce your rate. If not, be prepared to 'pull the trigger' on them and DO the balance transfer to another card at a much better introductory rate.

alexc is correct when he says "Another credit card really isn't the solution" but neither is a home equity loan. If you do own a home, you would be putting your home at risk simply because of a credit card management problem.

The ultimate solution to your problem is to get out of Credit Card Land altogether. When you get your rate reduced continue to make big hairy payments to reduce the principal, quit putting more debt/purchases on that balance and get out of debt. In today's society there is no greater freedom than the freedom from debt. IT CAN BE DONE!!!

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Re: Balance Transfer of $19k? Need help!

Postby Lucidboomer » Wed Nov 26, 2008 5:31 pm

You've got to be kidding ... right?
The storyline doesn't even warrant lucid dialogue!
:P

hector99b6 wrote: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.
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Location: Vancouver, BC

Re: Balance Transfer of $19k? Need help!

Postby Lucidboomer » Wed Nov 26, 2008 5:53 pm

Ok... you really peeked my interest. A little surfing reveals this:

hector99b6


BANNED from seo-guy.com
Lurking around MP3.com
Registered Blog Mastermind as a novice
But on forums.techguy.com as an expert?
Novice on Stockmeetingplace.com
BANNED from macrumors.com
BANNED from macforums.com
Inactive on MKPitstop.com
Inactive on Africanhiphop.com
Trying to flog Blueprint for withstanding pain ... on the marial arts sites...
Trying to flog ebooks on forex trading on the Forex sites... .
Seen giving business advice on the Microsofte Small business forums.... ??
Go figure... seen giving advice on stress relieve on at takethislife.com

Hecktor... you're a human pinball kid! No wonder you're in over your head. Read the advice in other sections of this forum. Pick something stable!! Work it. Measure the results in 2011!

:)

hector99b6 wrote: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.
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Joined: Mon Nov 24, 2008 2:29 pm
Location: Vancouver, BC


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