Maybe this fine article will help clarify confusion of Credal Christains and Saints alive in Christ.
Dispensations of the Gospel
by Courtney J. Lassetter.
The term "dispensation" is translated in the New Testament from the Greek oikonomia, denoting an idea of stewardship and of ordering affairs of a household. "Dispensations" are also time periods in which the Lord placed on the earth the necessary knowledge, priesthood, and keys of authority to implement his Plan of Salvation for his children. This plan, along with priesthood, was first given to Adam (Moses 5:4-12; 6:62-68; D&C 84:16-18; TPJS, pp. 157, 167), but as a consequence of later apostasy and fragmentation among his descendants, it did not remain constantly upon the earth. Hence, from time to time the Lord called new prophets and again revealed the plan and bestowed the necessary priesthood authority, creating a new dispensation.
Each new dispensation, or period of restored truth, presents men and women with a divine stewardship in performing the Lord's work on earth. The recipients become custodians and coworkers with God in bringing to pass his purposes. They work according to his orderly and revealed design. His plan takes into account human weaknesses and provides for times of renewal following apostasy, just as it provides for a redemption from individual failings through repentance and obedience (D&C 121:31-32). The concepts of stewardship and orderliness are important themes in LDS theology.
Prophets are stewards who preach and organize the work of redemption in each dispensation. It has become traditional in some unofficial LDS commentaries to refer to seven major dispensations named after the principal prophet of each: Adam, Enoch, Noah, Abraham, Moses, Jesus Christ (who led the dispensation of the meridian of time), and Joseph Smith (who introduced the dispensation of the fulness of times; see Acts 3:21.) However, this list does not take into account other dispensations, such as those among the Jaredites, the Nephites, and the ten lost tribes of Israel. ...
http://www.lightplanet.com/mormons/basic/gospel/dispensations_eom.htm