CARE Credit for Collection?

[LJ555]

I am down to only two negative items on my CR, one of which is a medical collection.  It's my only collection showing, and it's from 2013, in the amount of  $2551 (the balance not paid by insurance).  I do not have the funds to immediately pay this in full,  and it's recent enough that I'd like to get it taken care of one way or another, and removed from my reports.  I'm just exploring my options here...  what would you do?

Is CARE credit a good idea to take care of this, or a terrible idea?  I hear great things about it, in general.  Should I call the hospital as the OC to try and  negotiate payments?  I legitimately still owe this money, so a dispute is not an option.  And lastly, would they even accept payment by CARE credit if that was the preferred/logical route?

**PS - I am now actively working on building savings, just not sure that I'll build enough to pay this off with cash in the immediate future.  Does this matter?  Should I just let the collection sit there until I have that much saved?  I've made great strides in improving credit so I am looking for the best option that supports that goal.

[Anonymous]

Synchrony/Care Credit's interest rates are very high and I would not use them in place of actual cash payments if you have any ability at all to do the latter. Hospitals will typically try to negotiate payment plans with you bc they know that some money is better than none. Don't tell them you plan to apply for credit, just make it clear that you need them to work with you to pay off over time because you only have a small amount to work with, whether due to low wages, recent hardship, etc. If you fail with one person, thank them politely for their time, hang up, wait a day or two and call again (or even visit) - and try to get someone else. 

Good job on making it down to your last two! 

[LJ555]

Hmm.  You make a fair point.  I thought CARE Credit was 0% interest for first year though... ??  I wonder where I got that.  It was the only reason I was considering that, so if that's wrong then you're probably right in that it's not the best path.  I was thinking it could offer an additional benefit beyond paying that bill in full by increasing overall credit line with lower util if I got a limit well above what I actually owe.

I guess I have nothing to lose by contacting the hospital directly to see if I can work out a payment plan and take it out of collections.  Unfortunately a physical visit is not possible since it's half-way across the country from me.

Thank you!  Now to figure out what to do about my student loan chargeoff from  1999...