You stand at a strange crossroad. In a perfect world I would advise that you start the credit rebuilding process right now so that at the same time you deal with your old debt you establish your new great credit. The advantage of this comes when your credit reaches new heights with supercharged speed and you find yourself back to normal or even better off than you ever were from a credit point of view in record time. As a realist and former debtor attorney I know that most people with serious debt problems who start a plan of paying debts in full or a non-profit credit-counseling program find themselves dropping out of those plans and moving into a debt settlement program or a bankruptcy in 3-12 months. The credit rebuilding process may end up as an albatross around your neck when try to settle your debts. If you move to a bankruptcy your efforts may be wasted or maybe not depending on your personal circumstances. The whole concept becomes quite muddy. From here you need to figure out how sure you are that you will be able to complete the plan you have started. If you find yourself 100% sure of success, go ahead and start the credit rebuilding process now. If you can't be so positive give things some time, probably a few months, and get a better feel of how well you do with the debt payments you outlined. When you gain the confidence that you can finish what you started with your debt or you do finish the plan, then come back here and continue with the credit re-building process.