Yes, we are in the same condition, but one is more scriptural and has more continuity with the O.T. We are both left with unbelievers in the visible church to be sure (unless rooted out), but not in the same way.

The credo has NO Scripture backing them to baptize an unbeliever-mistake or otherwise. Without a covenantal structure they have nothing. They normally do not concede a visible/invisible church distinction because it conflicts with their interpretation with Jer 31. Thus, they are left with the same "problem" as a paedo, but have no Scripture or structure warranting what they have done to get there.

The paedo has Scripture (that of the covenant) which takes care of such "problems," as they view a visible/invisible church distinction, a better and more feasible accounting of Jer 31 (here), etc.

Reformed and Always Reforming,