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Yes, when you pay off or pay toward a charged off account it should update to the new amount. Most creditors do this automatically once a month or whatever their schedule is. If this isn't happening, I would submit a dispute with the Credit Reporting Agencies (CRA's) that the balance is wrong and you'd like it updated.
Congratulations on settling with First Premier. Most creditors would give you another account, some even if you have a charged-off account. My advice though, would be to stay away from First Premier and consider yourself lucky that they are paid and you're done with them. Look into other rebuilder cards with Capital One or go Secured with US Bank/Bank of America etc.
I can't accurately answer your last question since I am not 100% sure that your DTI is included in your FICO. It may fall under the "amounts owed" category of FICO scoring which is 30% of your score but again I am not entirely sure. Shogun will be here to answer that shortly I am sure.
Starting Score: EQ: 383 2/2011
@llecs wrote:I'm not Shogun but I play one on myFICO sometimes....DTI isn't a part of FICO scoring. DTI is the debt to income ratio and it's not included because income isn't included into FICO. Not those CO'd CCs could be factored into utilization and in some cases, paying down a charged-off CC can increasing your score. Depends on other factors.
Lol I'm sorry Ilecs! You play a very good Shogun!
I Agree with sphinx313 stay away from First Premier, High processing fee $75 plus shipping fee is another $20. I applied last wk before I came back to the forum but It was
too late, I noticed the limit was only $300 and there wasnt a option to cancel the transaction, I'm not activating any credit card from them, after reading the forum I went to CAP1 and got approved for unsured rewards card with no processing fees' First Premier keeps sending me emails to pay processing fee, they can rot in hell for all I care:
Thank you for visiting OpenMyPremierCard
Congratulations on your recent approval.
To OPEN your new account and ACCESS your available credit, simply pay your Processing Fee in full today. Processing Fee payments made by methods other than a Debit or Credit Card will pend for up to 6 business days delaying access to your available credit. So use your debit or credit card! You may even qualify for immediate^ access to your available credit. Fill out the information below to get started.^Immediate access requires payment in full by a debit or credit card and is not available to residents of New York, cards reported Lost/Stolen/Fraudulent or on pending funds.
To OPEN your new account and ACCESS your available credit, simply pay your Processing Fee in full today. Processing Fee payments made by methods other than a Debit or Credit Card will pend for up to 6 business days delaying access to your available credit. So use your debit or credit card! You may even qualify for immediate^ access to your available credit. Fill out the information below to get started.^Immediate access requires payment in full by a debit or credit card and is not available to residents of New York, cards reported Lost/Stolen/Fraudulent or on pending funds.
Starting Score: 524
Thanks for the heads up.. I accidently made a new account by mistake.. do you guys think I have a chance of obtaining a new credit card once my 3 charge offs are paid ?.. those are the only baddies on my CR other than some late payments on my car payment.
You always have chances to obtain new credit with a fairly decent CR. There's always a lender somewhere, it's just that some of them fall into the predatory category, where you have to be very careful that you don't mess up with them or you will pay dearly.
@llecs wrote:I'm not Shogun but I play one on myFICO sometimes....DTI isn't a part of FICO scoring. DTI is the debt to income ratio and it's not included because income isn't included into FICO. Not those CO'd CCs could be factored into utilization and in some cases, paying down a charged-off CC can increasing your score. Depends on other factors.
Oh now that was funny!!! Since you're doing impressions, I wanna hear Scooby Doo!!!! 
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.