New investor Do I consolidate debt?

[Christopher Andrews]

So I am new to investing and have been working hard on my credit. I have 2 judgements against me. I talked to both and one is willing to accept half. I am considering getting a personal loan and consolidating them that will take them out of judgment and put my credit back on tract. I have been paying both regularly for over a year. These two issues were what has been keeping me back from getting a home. Is this a good idea? How long after I consolidate will it take my credit to improve? 

Second question:

I have looked owner financing through realtor.com, craigslist, zillow, and a few other sites but I cannot find any. Where would you recommend I look or how should I search to find these opportunities?

[Paul Allen]

@Christopher Andrews welcome to BP!

Debt consolidation by itself does not improve your credit. The benefits of consolidation are to move high interest debt to a lower interest rate and to change the terms of the debt repayment to lower your monthly debt payments to free up cash flow.

Debt consolidation can be part of your overall get-out-of-debt plan, but I encourage you to be skeptical of anyone offering debt consolidation loans. They all preach as though they are in business to help you get out of debt, but most of them will take advantage of you if they can. Shop around!

The best thing you can do for your credit score is to keep your debt payments current. You can read more about your credit score here.

A long, long time ago I was in your shoes. Keep working at it and things will get better.

Best of Luck!