My Washington Mutual Credit Card went up to 31 per cent interest?

Question

I have a good credit rating. This is a card I have used for several years as Providian. Washington Mutual is not interested in lowering the rate. Why should they be? I am debt heavy but can make the monthly payments. Where can I find someone who will refi this at a lower rate.
Thanks

Answer 1

buy a house and get a 2nd mortgage??

Answer 2

Sounds to me like you should not find it hard to convert :)

A good credit rating - and the practices that GET you the good credit rating are what lenders are looking for. They would be much happier lending £15,000 to a GOOD credit risk who pays on time than £2,000 to someone with loads of missed payments.

The following is a quick search I did with encouraging results:
http://www.google.co.uk/search?hl=en&safe=off&q=%22credit+card%22+lowest+apr&btnG=Search&meta=

You might also be able to find one which will give you a special rate on a transferred balance too, 0% APR for the first 9 months is not impossible to find. Would strongly suggest using this free window however to put by as much as possible in order to pay a lump off the amount when you go back to paying normal rates.

Of course if you have a better than average credit rating, you will not find it too difficult to open ANOTHER card when the 0% APR facility is about to end. With CAREFUL planning, it is perfectly manageable to have 0% APR ad infinitum by going backwards and forwards every few months.

Of course this will also result in your credit rating getting higher still and your limits will increase - if you feel this could prove to be too tempting, then ASK for a reduced limit and/or destroy the card as soon as the balance has been transferred to the latest "card with introductory offer".

Alternatively, if you have plenty of equity in your home, you may wish to increase your mortgage a little and clear them off completely. Credit card debt *IS* a grim form of debt - interest rates too high. A mortgage on the other hand is usually VERY low intererest - and the savngs in reduced interest can REALLY add up nicely.

Hope that helps a little.

Answer 3

Living beyond your means only leads toward financial ruins. You will get a crappy interest rate if you wish to buy a home. Banks and lenders look at hte debt heavy as high risk, so straighten up your finances and stop using one card to pay off the other. I have been there. The road back can be long and tough, but to realize that if you lose your job you don't owe anyone a dime is a great feeling. Good luck.

Answer 4

Try opening another card at a lower rate and then transferring the balance. Chase is good.

Answer 5

What about Capital One? I hear good things about them