<PAGE>
                  SECURITIES AND EXCHANGE COMMISSION

                         Washington, DC 20549

                              FORM 10-Q

/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE    
    SECURITIES EXCHANGE ACT OF 1934

    For the quarterly period ended April 30, 1997

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

For the transition period from_______ to _________
                    Commission File Number 0-12994

                       Nordstrom Credit, Inc.
    ______________________________________________________
    (Exact name of Registrant as specified in its charter)

               Colorado                          91-1181301
    ______________________________             ________________
    (State or other jurisdiction of             (IRS Employer
    incorporation or organization)            Identification No.)

          13531 East Caley, Englewood, Colorado  80111 
       ____________________________________________________
       (Address of principal executive offices)  (Zip code)

Registrant's telephone number, including area code:  303-397-4700


     Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the 
Registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.

                       YES    X      NO
                            ____         ____

     On June 4, 1997 Registrant had 10,000 shares of Common stock ($.50 par 
value) outstanding; all such shares are owned by Registrant's parent, 
Nordstrom, Inc.

     The Registrant meets the conditions set forth in General Instruction 
H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the 
reduced disclosure format.



                           page 1 of 8
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                    NORDSTROM CREDIT, INC.
                    ----------------------
                            INDEX
                            ----- 
<TABLE>
<CAPTION>
                                                            Page
                                                           Number
                                                           ------
<S>                                                        <C>
PART I.  FINANCIAL INFORMATION

  Item 1.  Financial Statements (unaudited)

    Statements of Earnings
      Three months ended April 30, 1997
      and 1996                                                3

    Balance Sheets
      April 30, 1997 and 1996
      and January 31, 1997                                    4

    Statements of Cash Flows
      Three months ended April 30, 1997
      and 1996                                                5

    Notes to Financial Statements                             6

  Item 2.  Management's Discussion and Analysis of 
           Financial Condition and Results of Operations      7

PART II.  OTHER INFORMATION

  Item 6.  Exhibits and Reports on Form 8-K                   7


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                           page 2 of 8
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                      NORDSTROM CREDIT, INC.
                      STATEMENTS OF EARNINGS
                      (dollars in thousands)
                           (unaudited)
<TABLE>
<CAPTION>
                                                   Three Months       
                                                  Ended April 30,     
                                               -------------------  
                                                1997        1996    
                                               -------     ------- 
<S>                                            <C>         <C>
Service charge income                          $27,821     $35,716 
Rental income from Nordstrom
  National Credit Bank                             321         261
                                               -------     -------
Total Revenue                                   28,142      35,977

Expenses:
  Interest, net                                  8,753      10,812
  Service fees paid to Nordstrom 
    National Credit Bank                         5,947       6,517
  Bad debts                                          -       3,271
  Other general and administrative                 335         372  
                                               -------     -------  
Total expenses                                  15,035      20,972  
                                               -------     -------  
Earnings before income taxes
  and extraordinary item                        13,107      15,005  
Income taxes                                     4,800       5,500  
                                               -------     -------  
Earnings before extraordinary item               8,307       9,505  
Extraordinary charge related to the 
  early extinguishment of debt, net
  of income taxes of $900                            -       1,452
                                               -------     -------
Net earnings                                   $ 8,307     $ 8,053
                                               =======     =======  
Ratio of earnings 
  available for fixed 
  charges to fixed charges                        2.50        2.13  
                                               =======     =======  
<FN>
These statements should be read in conjunction with the Notes to Financial 
Statements contained herein and in the Nordstrom Credit, Inc. Annual Report on
Form 10-K for the year ended January 31, 1997.

</TABLE>







                           page 3 of 8    


<PAGE>
                      NORDSTROM CREDIT, INC.
                          BALANCE SHEETS
                          (in thousands)
                            (unaudited)
<TABLE>
<CAPTION>
                            April 30,  January 31,  April 30,
                              1997        1997        1996
                           ----------- ----------- -----------
<S>                        <C>         <C>         <C>
ASSETS
------
Cash and cash equivalents     $ 12,976    $    105    $    202

Customer accounts receivable
  net of holdback allowance
  of $24,369, $26,793 and
  $26,074                      633,255     689,550     844,932

Other accounts receivable          459      13,874       2,469

Property and equipment, net      4,991       5,071       5,316

Other assets                     1,901       1,506       3,919
                              --------  ----------   ---------
                              $653,582    $710,106    $856,838
                              ========  ==========   =========
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND INVESTMENT OF NORDSTROM, INC.
--------------------------------------------
<S>                           <C>         <C>         <C>     
Notes payable to 
  Nordstrom, Inc.             $      -    $ 54,000    $ 37,000

Note payable to bank            50,000      50,000      50,000

Commercial paper                59,040     113,770     228,423

Accrued interest, taxes 
  and other                     10,102       8,553      14,703

Dividend payable to
  Nordstrom, Inc.                    -      50,000           -

Long-term debt                 403,350     311,000     326,000
                              --------  ----------   ---------
  Total liabilities            522,492     587,323     656,126

Investment of 
  Nordstrom, Inc.              131,090     122,783     200,712
                              --------  ----------   ---------
                              $653,582    $710,106    $856,838
                              ========  ==========   =========
<FN>
These statements should be read in conjunction with the Notes to Financial 
Statements contained herein and in the Nordstrom Credit, Inc. Annual Report on
Form 10-K for the year ended January 31, 1997.
</TABLE>
                           page 4 of 8


<PAGE>
                      NORDSTROM CREDIT, INC.
                     STATEMENTS OF CASH FLOWS
                         (in thousands)
                          (unaudited)
<TABLE>
<CAPTION>
                                                 Three Months
                                                Ended April 30,
                                              -----------------
                                                1997       1996
                                                ----       ----
<S>                                         <C>         <C>    
OPERATING ACTIVITIES:

  Earnings before extraordinary item        $  8,307    $ 9,505
  Adjustments to reconcile earnings
    to net cash provided by
    operating activities:
    Extraordinary charge related to early
      extinguishment of debt, net of
      income taxes of $900                         -     (1,452)
    Depreciation and amortization                199        586
    Change in:
      Other accounts receivable               13,415      4,748
      Other assets                                 -     (2,303)
      Accrued interest, taxes and other        1,549      5,279
                                            --------    -------
Net cash provided by operating activities     23,470     16,363
                                            --------    -------
INVESTING ACTIVITIES:

  Decrease in investment in
    customer accounts receivable, net         56,295     29,926
                                            --------    -------
Net cash provided by investing activities     56,295     29,926
                                            --------     ------
FINANCING ACTIVITIES:

  Decrease in notes payable to 
    Nordstrom, Inc.                          (54,000)   (49,000)
 (Decrease)/increase in commercial paper     (54,730)    45,922
  Proceeds from issuance of long-term
    debt, net                                 91,836          -
  Repayments of long-term debt                     -    (43,100)
  Cash dividend paid to Nordstrom, Inc.      (50,000)         -
                                            --------    -------
Net cash used in financing activities        (66,894)   (46,178)
                                            --------    -------
Net increase in cash and cash
  equivalents                                 12,871        111 
Cash and cash equivalents 
  at beginning of period                         105         91
                                            --------    ------- 
Cash and cash equivalents at end of period  $ 12,976    $   202
                                            ========    ======= 
<FN>
These statements should be read in conjunction with the Notes to Financial 
Statements contained herein and in the Nordstrom Credit, Inc. Annual Report on
Form 10-K for the year ended January 31, 1997.
</TABLE>

                           page 5 of 


<PAGE>
                         NORDSTROM CREDIT, INC.
                     NOTES TO FINANCIAL STATEMENTS
                        (dollars in thousands)
                              (unaudited)

Note 1:

The balance sheets of Nordstrom Credit, Inc. (the "Company") as of April 30,
1997 and 1996, and the related statements of earnings and cash flows for the
periods then ended, have been prepared from the accounts without audit.

The financial information is applicable to interim periods and is not 
necessarily indicative of the results to be expected for the year ending 
January 31, 1998.

It is not considered necessary to include detailed footnote information as of
April 30, 1997 and 1996.  The financial statements should be read in 
conjunction with the Notes to Financial Statements contained in the Nordstrom
Credit, Inc. Annual Report on Form 10-K for the year ended January 31, 1997.

In the opinion of management, the financial information includes all 
adjustments (consisting only of normal, recurring adjustments) necessary to
present fairly the financial position of Nordstrom Credit, Inc. as of April
30, 1997 and 1996, and the results of its operations and cash flows for the
periods then ended, in accordance with generally accepted accounting 
principles applied on a consistent basis.

Note 2:

During the first quarter of 1996, the Company elected to prepay $43,100 of its 
9.375% sinking fund debentures in order to take advantage of lower short-term 
interest rates.  This resulted in an extraordinary charge of $1,452, net of 
applicable income taxes of $900.  The premium paid has not been included as a 
fixed charge for the calculation of the ratio of earnings available for fixed 
charges to fixed charges.


















                           page 6 of 8
<PAGE>
Item 2.  Management's Discussion and Analysis of Financial 
         Condition and Results of Operations

Service charge income decreased for the quarter when compared to the same 
period in 1996 primarily due to a reduction in service charge income from the 
Company's VISA card program as a result of the securitization of these 
receivables in August 1996.

Interest expense for the quarter decreased when compared to the same period in
the prior year due primarily to lower levels of debt outstanding during the 
quarter.

Bad debt expense and VISA service fees paid to Nordstrom National Credit Bank
decreased for the quarter when compared to the same period in 1996 due to the
securitization of the VISA receivables.

During the quarter, the Company filed a shelf registration statement on Form
S-3 to register up to $250 million in debt securities, and issued $92.4 
million in medium-term notes under the registration.

                       PART II - OTHER INFORMATION
                       ---------------------------

Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits
     --------

     (27.1) Financial Data Schedule is filed herein as an Exhibit.

(b)   Reports on Form 8-K
      -------------------

      No reports on Form 8-K were filed during the quarter for which
      this report is filed.


















                           page 7 of 8
<PAGE>
                           SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.

                    NORDSTROM CREDIT, INC.
                        (Registrant)



                 /s/      John A. Goesling
                 ________________________________________________
                                                 John A. Goesling
                           Executive Vice President and Treasurer
                     (Principal Financial and Accounting Officer)

Date:    June 6, 1997
     ___________________


































                           page 8 of 8
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<TABLE>
<CAPTION>
                            EXHIBIT INDEX


            EXHIBIT                               METHOD OF FILING
-----------------------------------        -----------------------------
<S>   <C>                                  <C>
27.1  Financial Data Schedule              Filed herewith electronically.

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