on the federal reserve website...

original article here: http://www.federalreserve.gov/SECRS/2008/September/20080911/R-1314/R-1314_21285_1.pdf

So we are under a credit crunch now, but i submitted this last year. To date, I have no credit card debt and only minor student loans.

Subject: Regulation AA

I just recently cancelled my credit card with direct merchants bank for deceptive practices.

I pay my bill in full every month. I need a decent credit limit because I travel all the time and I have to pay

for hotels cars and sometimes airfare. I am a small business owner and like to use the available credit to

be able to stretch my dollar

Direct merchants has had a policy of crediting my payments up to 4 weeks after monies had been

deducted from my checking account. This left me with little money in my bank account and no credit.

After numerous occurences and nothing being done about it, I paid my last bill this month and cancelled

my card with them. They tried to lower my rate and I said "no thank you"

I won't use them as a credit builder ever again. I have another small limit card with imagine and they

credit my account next day

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Chad Bordes