After you cut the excess paper from each letter, it's time to paint. Choose a paint color that runs through each page or one that coordinates with all of your papers. I use acrylic paint. I mix colors together to achieve the look I like. If you can't find a paint in a coordinating color, you might want to give mixing your own a try. If you aren't in to mixing, maybe black or brown would look nice with your paper, eliminating the extra step of mixing.
Instead of paint, you could use a small ink pad to ink the chipboard and paper edges. Personally, I like acrylic paint the best because an applicator sponge allows me to get into tight corners that an ink pad doesn't.
Once you have the paint you like, dip a paint applicator just barely into the paint. Touch the applicator to the edges of your letters, dragging it slowly along all the edges. I like a thin border of paint on the outside of my letters, so I just touch the applicator lightly along the edges. If you would like your border thicker, use a little more pressure when you drag your brush along the edges. After painting the edges, use the applicator along the inside edges of the letters with "holes" in them. (In this album, the P, A & R have inside edges)
Lay your letters on wax paper and wait for them to dry. Do be sure to look at both sides of the letter, so that you can be sure you have covered the chipboard edge up to the paper on both sides.
After the letters all dry, place the rings inside the holes and arrange your album. You can embellish the pages while the album is hooked together with the rings or take it apart for easier access.