Mortgage expert on refinancing advice?

[Anonymous]

My current LTV is 48% , loan is conventional and wanting to refinance for better rates and possibly cashout.  My hiccups:  9 credit card accounts charged off and late for 1 year, but I've settled with 8 of 9 with the last one to finish in January.  Single homeowner, income $80k'ish, current mortgage loan is $166k .  Fico score as of right now is 570 with only 4 accounts reporting settlement, the others will hopefully report soon as closed/settled.  

My questions: how long do you think I have to wait for my score to improve enough to refinance my mortgage?  Will those settlement age off or will I have to do lots of explaining on why I had to settled?  No auto financing at the moment, although I plan to soon.  

[MauiMan85297]

You need a min score of 620 to qualify for a Conventional loan but realistically you don't want to touch a CNV loan unless you have a 680 or above because the rate/cost will be very high.  What's your current rate?

[NC_Mtg_Loaner]

And how far are you into the current amortization schedule of your current loan?