Help with Workflow Expression

I need some help with a workflow expression. I would like to put a condition in a single workflow to accomplish this.

When a User Changes a Custom Field picklist value on Account   to "Terminated" update  the Status field to "Inactive" but if they change it back to a "CreditHold"   then status should be set back to "Active". Is it possible to do this with one workflow using the PRE conditions.

I could do this with two separate workflows but I am looking for a more efficient way of doing if possible

Thanks,

Kausar