First premier Over payment and still put it on my credit report with a balance of 692.00 Sioux falls South Dakota

 I received a card from first premier with a $300 limit. I used it once and miss placed the card. I called and cancelled it and they sent me another one. I got that one and my first bill was 600. Then my next one was 692.00 so I said it was a rip off. I called and asked them why the bill so high and have only used it once. They want me to pay for the lost card and the new one. I ask how much for a settlement and they told me if I pay off they would not remove it from my credit report