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Cato - Poor Service

Creit - Complaint
Review by becky.atkinson on 2012-12-19
Rating: StarEmpty StarEmpty StarEmpty StarEmpty Star
REPUBLIC, MISSOURI -- I have had a cato credit card for years and always tried to pay on time. This past year my husband lost his job after 35 years due to a company closing. I became ill shortly thereafter. I missed a couple of payments and my creit limit went from 1100 to 0. I realize it had to happen and started to make a more conscious effort despite being ill to pay on time. I still saw 0 limit after this so I contacted customer service and requested my limit be raised. It went to 350, and since I owed 200 I am afforded 100.

After all the years I gave Cato my business this is an insult and I plan to pay the remaining balance then cut the card up after I contact the Better Business Bureau. Cato needs to learn how to treat longtime customers who suffer an illness better!!!
Comments:1 Replies - Latest reply on 2012-12-20
Posted by At Your Service on 2012-12-20:
I'm sorry for your issues Becky. Credit lenders, however, operate on a risk versus return expectation. Some companies can do this only because their structure is based upon raising your financing rates. In order to take upon the higher risk, they're also entitled to a greater return. Catco may not operate under such a premise. Simply speaking, they just are not able to take upon the risk you now have for a line of credit. There's absolutely nothing wrong with that and hardly reason to contact the BBB.

Ultimately I would do the very best you can to stay out of debt. Even if your husband isn't currently employed, either of you can obtain employment at a more entry level until other opportunities become available.

Best of luck and let us know how everything turns out.

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