Need some advice and help to restablish credit..

hello guys ill make this as easy as i can for you guys to understand my situation.. to start with here is wat i got from Transunion when i did my credit check

TD/GM VISA More about this account >>


Account #: 4551********6877
Condition: [Closed]
Balance: $397
Type: Revolving account
Pay status: Paid as Agreed
Payment: $19 Monthly (due every month)
Opened: 09/23/2005
Reported: 10/16/2009
Responsibility: Individual account

Remarks: Cancelled Account/Non-Derog Rating
Amt In High Credit Column (Disp 122-130 of Trade Segment) Is Credit Limit

High Balance: $500
Terms:
Limit:
Last Activity: 10/16/2009

Late Payments (last 6 years):
30 Days 11
60 Days 1
90 Days 1

GOVERNMENT STUDENT LOANS More about this account >>


Account #: ***9706
Condition: [Closed account] ([Transferred])
Balance:
Type: Installment account
Pay status: Paid as Agreed
Payment: $0 Monthly (due every month)
Opened: 12/01/2006
Reported: 11/15/2008
Responsibility: Individual account

Remarks: Account Transferred
High Balance: $2398
Terms:
Limit:
Last Activity: 11/15/2008

Late Payments (last 6 years):
30 Days 1
60 Days 1
90 Day 7

ROGERS WIRELESS INC. More about this account >>


Account #:
Condition: [Derogatory]
Balance: $1152
Type: Open account
Pay status: Bad debt/collection/skip
Payment: $0 Monthly (due every month)
Opened: 05/31/2004
Reported: 10/18/2009
Responsibility: Individual account

It says That the Account has been Collection Charge Off


ALso My Credit Score Shows as 526 and it says
Your credit ranks higher than 2.52% of the Canadian population also it says
Your creditworthiness is Very Poor


So From that i would like to know.. HOW BAD IS MY SITUATION???
Can i ever recover from it??
Should I PAY rogers Back there money?? nov 2010 will be 7 years ( i called the collection agency who has the rogers account and they said they can settle the account if i pay them 500$ and they will put Paid In Settle on my report instead of it saying "bad"
my student loan was paid of few months ago i paid it off to the collection agency.. Td Visa is ok i am paying it off slowly i have about 400$ to pay i willl pay that by next month..


SO now i want to know if i have any chance to gettin this fix.. am i in a bad position?

and finally Whats the Main and Best thing for me to do Right nowwwww, so i can start gettin my credit back up..