Am I understanding the rules of Fair Credit ?

Hi everyone, I just found your site today and have spent quite some time reading. I am in the process of repairing my credit file with all 3 agencies. In 2001 I almost lost my home, I got help & saved it & in 8/03 I bought a new home & started over.
I can't seem to get my score up since then & I want to refi now but I still have a low rating according to the credit bureas although from what I have read they are not as horrible as I am being told.
I live in GA.

question 1 - isn't it to be removed after 7 yrs?
Experian has acct -opened - 1/91
reported since -5/94
date of status - 5/99
this acct was with my ex(as of 12/96) but it says it won't be removed until May 09
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question 2 - how bad is this?
Equifax - 612 (has "very poor" underneath it)
Experian - and Trans union were 709 & I think 643 or something like that, I can't seem to get back in to my report, just one more problem!

Thanks