I agree with KittyKatKitty, but if you are going to fry foods, which you absolutely shouldn't if trying to lower bad cholesterol, you may consider using olive oil, and Cheerios is a good cereal.
Don't eat any fat that is solid at room temperature. Olive oil is a good substitute and is very flavorful. I use olive oil instead of mayo sometimes when making potato or chicken salad.
Try Kashi, you cook it like rice but it has a lot more whole grains in it. It's very good, you can eat it for breakfast or as a side dish.
As everyone else said oatmeal is very good for lowering cholesterol.
Ground Flax Seed can be used as part of the flour in baking breads, cookies, etc. It can also be substituted for shortening or cooking oils at a ratio of 3 to 1 in baked goods.