Please see these two previous threads re: colony recruitment. They pretty much cover all the questions you've asked.
http://www.greekchat.com/gcforums/sh...ghlight=colony
http://www.greekchat.com/gcforums/sh...ghlight=colony
Also, just as a note I don't care if you are Suzy PNM who's dad is a CEO of a Fortune 500, mom runs the local Junior League and knows every woman who's a member of the colonizing group, you have a 4.0 GPA, are in every student org as a leader and still make time to go out and know half of campus -- this does not guarantee you a bid. When my chapter colonized we had 400+ women interview, and only 200 received bids. It is a unique mix of well-rounded women and group chemistry that makes a good colony, so the colony team has full discretion to do as they want and take who they want. Just keeping your eyes fully open to what could occur.