Hi @Manofdogs - not exactly as you describe, I’m afraid. To get to this you would need a field to be both a formula and a text field. It can only be one or the other.
The closest you can get, I think, is to use the default text option on the single text field for username and password:
If this is set, when you create a new record, “Not known” will default into the username and password field, but you can still overwrite it if you want a different value:
This is sort of getting you to what you want but doesn’t tie the default text to the status field.
Hope this helps
JB