CompuCredit Reports First Quarter Results

ATLANTA, GA - CompuCredit (NASDAQ: CCRT) reported first quarter 2004 net income attributable to common shareholders of $17.7 million, or $0.36 per diluted share, as compared to its first quarter 2003 net income attributable to common shareholders of $29.5 million, or $0.60 per diluted share.

Reflecting broad improvements in the credit quality of CompuCredit's managed receivables, the Company's net interest margin was 17.5 percent in the first quarter of 2004, as compared to 15.5 percent for the first quarter of 2003. The adjusted charge-off rate was 8.2 percent in the first quarter of 2004, as compared to 10.2 percent for the first quarter of 2003. Also, at March 31, 2004, the 60-plus day delinquency rate was 10.5 percent, as compared to 13.3 percent at March 31, 2003.

CompuCredit also announced the appointment of William R. McCamey as the Company's new Treasurer. "Bill provides us with the necessary breadth of experience in the Treasury role—experience that will serve us well as we continue our business expansion into other markets, products and services," commented David G. Hanna, CompuCredit's CEO and Board Chairman. Bill, a Chartered Financial Analyst, joins CompuCredit from Watershed Advisors, a debt structuring advisory firm that he co-founded. Previously, he served as a Director with Wachovia Securities' Corporate and Investment Banking Group.

Various references within this press release and the accompanying financial information are to the managed credit card receivables underlying the Company's off balance sheet securitization facilities. Performance metrics and data based on these managed receivables are key to any evaluation of the Company's performance in managing (including underwriting, valuing purchased receivables, servicing and collecting) the portfolios of receivables underlying the Company's securitization facilities. The Company allocates resources within the Company and manages the Company using financial data and results prepared on a so-called "managed basis." It is also important to analysts, investors and others that the Company provides selected metrics and data on a managed basis because this enables a comparison of CompuCredit to others within the specialty finance industry. Moreover, the Company's management, analysts, investors and others believe it is critical that they understand the credit performance of the entire portfolio of the Company's managed credit card receivables because it reveals information concerning the quality of loan originations and the related credit risks inherent within the securitized portfolios and the Company's retained interests in the securitization facilities.

Managed receivables data assumes that none of the credit card receivables underlying the Company's off balance sheet securitization facilities were ever transferred to securitization facilities and presents net credit losses and delinquent balances on the receivables as if the Company still owned the receivables. Reconciliation of the managed receivables data to CompuCredit's GAAP financial statements requires recognition that substantially all (i.e., all but $59.1 million) of the Company's credit card receivables had been sold in securitization transactions as of March 31, 2004; this reconciliation requires the removal of all but $59.1 million of the managed receivables data from the Company's books and records to yield only the $59.1 million of originated credit card receivables and associated statistics under GAAP, coupled with the recording under GAAP of retained interests in various securitization structures.

Further details regarding CompuCredit's first quarter financial performance will be discussed during management's conference call on Wednesday, May 5, 2004 at 8:00 a.m., Eastern Time. The media and public are invited to listen to the live webcast of the call, accessible on the Internet at www.CompuCredit.com. A replay of the conference call also will be available on the web site.

CompuCredit Corporation uses analytical techniques that allow it to provide credit and other complementary services and products to consumers it believes to be underserved by traditional grantors of credit. Credit cards marketed by CompuCredit generally are issued by Columbus Bank and Trust Company under an agreement with CompuCredit. For more information about CompuCredit, visit www.CompuCredit.com.

This release includes forward-looking statements. The words "will," "looking forward," "should" and similar expressions also are intended to identify forward-looking statements; however, this release also contains other forward-looking statements that may not be so identified. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond CompuCredit's control. Actual results may differ materially from those suggested by the forward-looking statements. Accordingly, there can be no assurance that such indicated results will be realized. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the factors set forth in "Item 1. Business—Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2003. CompuCredit expressly disclaims any obligation to update any forward-looking statements except as may be required by law.