Crossword Genius

Folded when credit was derestricted (7)

Ross

I believe the answer is:

creased

I'm a little stuck... Click here to teach me more about this clue!

'folded' is the definition.
(creasing is a kind of folding)

'credit was derestricted' is the wordplay.
I cannot really understand how this works, but
'credit' could be 'cr' (abbreviation) and 'cr' is present in the answer.
The remaining letters 'eased' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...

'when' acts as a link.

Can you help me to learn more?

(Other definitions for creased that I've seen before include "Crumpled - red case (anag)" , "Groovy" , "Wrinkled, rumpled" , "Needing ironing" , "Folded" .)

I've seen this clue in The Globe and Mail.
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