FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Srinivasan Krishnakumar 		2. Issuer Name and Ticker or Trading Symbol

COMPUCREDIT CORP [ CCRT ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President (Credit Cards)
(Last)          (First)          (Middle)

C/O COMPUCREDIT CORPORATION, FIVE CONCOURSE PARKWAY, SUITE 400 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/11/2008
(Street)

ATLANTA, GA 30328
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   11/11/2008     P    25000   A $2.394   (1) 98320   D    
Common Stock   11/12/2008     P    25000   A $2.3957   (2) 123320   D    
Common Stock   11/13/2008     P    25000   A $2.1772   (3) 148320   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
5.875% Convertible Debentures due 2035   $52.84   11/11/2008     P     2000000         (4) 11/30/2035   Common Stock   37853   $398944   2000000   D    

Explanation of Responses:
( 1)  This transaction was executed in multiple trades at prices ranging from $2.20 and $2.50. The reported price reflects the weighted average purchase price. The reporting person hereby undertakes to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.
( 2)  This transaction was executed in multiple trades at prices ranging from $2.16 and $2.50. The reported price reflects the weighted average purchase price. The reporting person hereby undertakes to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.
( 3)  This transaction was executed in multiple trades at prices ranging from $2.08 and $2.23. The reported price reflects the weighted average purchase price. The reporting person hereby undertakes to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.
( 4)  These debentures are convertible into cash and shares, if any, in whole or in part only in the following circumstances and to the following extent: (i) during any fiscal quarter commencing after December 31, 2005 if the last reported sale price of our common stock is greater than or equal to 130% of the applicable conversion price for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; (ii) once we have called the debentures for redemption and the redemption has not yet occurred; (iii) during prescribed periods, upon the occurrence of specified corporate transactions; or (iv) on or after November 1, 2035.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Srinivasan Krishnakumar
C/O COMPUCREDIT CORPORATION
FIVE CONCOURSE PARKWAY, SUITE 400
ATLANTA, GA 30328

President (Credit Cards)

Signatures
/s/ Krishnakumar Srinivasan 11/13/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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