on the federal reserve website...
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