Deleting newbie characters and recreating to get better stats is not permitted before level 5. Instead, you should use the 'reroll' command to try to improve your stats. You may reroll at any time after you reach level 5. Visit the Phrenologist for an initial consultation, then reroll up to 5 times, if you would like.
You will only be given 5 free rerolls total for the entire time you have your character, even if you remort (see policy remort), so use them wisely.
If, after you have rerolled at level 5 and used up your rerolls, you are unhappy with your stats you may recreate your character by deleting and following the menu prompts for a new character. If you follow the path of deleting/recreating, bear in mind that you will only be newbied for the first creation.
After reaching level 5, you may purchase unlimited rerolls at the phrenologists for 250k. Should you become completely fed up with your stats after you have completed several remorts, you may decide that you wish to start over fresh, retaining only your age, your class, and your current level. For a fee of 5M per remort on your remort counter, you may have your remort counter reset to 0. Your stats will be rerolled, however, and any regen bonuses you may have earned in the past will also be reset to 0. Consult a GOD+ if you wish to take advantage of this option.