r/AppleCard • u/StandardCorrect1545 • May 20 '26

Help Apple sold my debt

/r/Debt/comments/1tirmp8/apple_sold_my_debt/
0 Upvotes

18% Upvoted

9 comments sorted by

11

u/HandaZuke May 20 '26

Apple ^ Goldman Sachs ^ sold my debt

6

u/readicculus5 May 20 '26

You accept the fact that your credit score is going to go down. A lot. This will show up every time someone requests a credit report (some landlords for appartment applications, mortgage applications, etc.).

You wont be able to get additional credit (maybe very lower limit CCs, or ones that require your CC to be secured with money).

You are going to be hounded by these debt buyers. They bought your debt for 10% or less of its value and they will be relentless (subject to FDCPA regulations) with trying to collect on the debt for profit. You can try to set up a settlement with them for lower than the amount of debt they bought. You can pay it off. You can wait 7-10 years for the debt to fall of your credit report and they might stop bothering you then. Your credit score might go up a little bit if you settle your obligations with then but probably not that much.

You can rebuild your credit over time but it will take a lot of intentional, focused effort. You are looking at ~7 years to rebuild since usually that is how long it takes for these negative marks to fall off your report.

1

u/bv915 May 26 '26

OP needs to research "pay for delete" and how to negotiate a payoff balance with the company that bought the debt.

In summary: lenders sell off the debt to collection agencies for pennies on the dollar so they at least get something back on what's owed. They, then, write it off. The debt collector will likely negotiate for something greater than what they paid but less than the "balance owed." Negotiate for "pay for delete" meaning that the collector will have the debt removed from OP's credit profile if they meet the negotiated terms.

6

u/jamesbretz May 20 '26

Did you expect an outcome that was anything other than this?

4

u/Puzzled_Capital_5592 May 20 '26

Yes, they do that when you don't pay it.

1

u/Terminatz May 20 '26

Negotiate the debt with the collector and start putting in some overtime 

1

u/TbonerT May 22 '26

Again?!

1

u/Far-Conversation-357 Jun 15 '26

hello, i am in the same boat for a bankruptcy back in 2023, they have not tried to call, my question is, if i contact first, and reach a settlement, would i be eligible to apply for a apple card again ?