I wouldn't say that you are "way off", but I do read the admissions steps on their website a little differently than perhaps you do. If you take a look at their Steps for Admission, "Official Candidate" is a distinct step, and it says the following:
"If the information provided in your Preliminary Application indicates your record is strong enough, you will become an official candidate for admission and you will receive a candidate information letter as early as the July prior to your high school senior year. Upon completion of your candidate file, the Admissions Board will review your record."
There is definitely a distinct step to being designated an official candidate.
I just dug further into the prior applicant's folder. In May 2007, he was informed that he was not qualified to be named an Official Candidate, but the letter also give him instructions on what to do if he still wanted to be considered as an Official Candidate regardless, e.g., retake the SATs, take the ACTs, respond in writing that you want to persevere, etc. He did those things, and in August 2007, he received a letter designating him an Official Candidate and providing a link to the Candidate Information System, a username and a password.
I think that you should expect a letter as early as May (bad news) or as late as August (good news) about designation as an Official Candidate. That's when, hopefully, you will see your password.