<PAGE>
                             UNITED STATES
                  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, 1998
 
[ ] 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, 1998 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, 1998 
           and 1997                                            3 
 
        Balance Sheets 
           April 30, 1998 and 1997 
           and January 31, 1998                                4 
 
        Statements of Cash Flows 
           Three months ended April 30, 1998 
           and 1997                                            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 
</TABLE>
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                           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,   
                                               ------------------   
<S>                                            <C>       <C>
                                                 1998      1997      
                                               --------  --------  
Service charge income                           $27,567   $27,821    
Rental income from Nordstrom 
  National Credit Bank                              321       321    
                                               --------  --------  
Total revenue                                    27,888    28,142     
  
Expenses: 
  Interest, net                                   8,113     8,753     
  Service fees paid to  
    Nordstrom National        
    Credit Bank                                   5,736     5,947 
  Other general and 
    administrative                                  358       335      
                                               --------  --------  
Total expenses                                   14,207    15,035   
                                               --------  --------  
Earnings before income 
  taxes                                          13,681    13,107    
Income taxes                                      4,972     4,800     
                                               --------  --------  
Net earnings                                    $ 8,709   $ 8,307   
                                               ========  ========  
Ratio of earnings  
  available for fixed  
  charges to fixed charges                         2.68      2.50     
                                               ========  ======== 
<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, 1998.
</TABLE>












                           page 3 of 8 
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                       NORDSTROM CREDIT, INC. 
                           BALANCE SHEETS 
                       (dollars in thousands) 
                            (unaudited) 
<TABLE>
<CAPTION>
                             April 30,  January 31,    April 30, 
                               1998         1998         1997 
                            -----------  -----------  ----------- 
<S>                         <C>         <C>           <C>
ASSETS 
------  

Cash and cash equivalents     $    367   $      157    $ 12,976
 
Customer accounts receivable 
  net of holdback allowance 
  of $27,522, $30,384 and 
  $24,369                      574,741      636,420      633,255 
 
Other accounts receivable        1,548        6,138          459 
 
Property and equipment, net      4,724        4 786        4,991 
 
Other assets                     1,506        1,630        1,901 
                            ----------   ----------   ---------- 
                              $582,886     $649,131     $653,582 
                            ==========   ==========   ========== 
 
LIABILITIES AND INVESTMENT OF NORDSTROM, INC. 
--------------------------------------------- 
Note payable to bank          $ 50,000     $ 50,000     $ 50,000

Commercial paper                37,273      108,020       59,040 

Accrued interest, taxes  
  and other                      8,712       12,919       10,102

Long-term debt                 353,350      353,350      403,350 
                            ----------   ----------   ---------- 
  Total liabilities            449,335      524,289      522,492 
 
Investment of  
  Nordstrom, Inc.              133,551      124,842      131,090 
                            ----------   ----------   ---------- 
                              $582,886     $649,131     $653,582 
                            ==========   ==========   ========== 
<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, 1998.
</TABLE>



                           page 4 of 8 
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                      NORDSTROM CREDIT, INC. 
                     STATEMENTS OF CASH FLOWS 
                      (dollars in thousands) 
                          (unaudited) 
<TABLE>
<CAPTION>
                                                 Three Months 
                                                Ended April 30, 
                                              ------------------ 
                                                1998      1997
                                              --------  -------- 
<S>                                           <C>       <C>
OPERATING ACTIVITIES: 
  Net earnings                                $  8,709  $  8,307 
  Adjustments to reconcile net earnings 
    to net cash provided by operating 
    activities: 
    Depreciation and amortization                  190       199 
    Change in: 
      Other accounts receivable                  4,590    13,415
      Accrued interest, taxes and other         (4,207)    1,549
                                              --------  -------- 
Net cash provided by operating activities        9,282    23,470  
                                              --------  -------- 
 
INVESTING ACTIVITIES: 
  Decrease in investment in 
    customer accounts receivable, net           61,679    56,295
  Additions to property and equipment, net          (4)        - 
                                              --------  -------- 
Net cash provided by investing activities       61,675    56,295
                                              --------  -------- 
 
FINANCING ACTIVITIES: 
  Decrease in commercial paper                 (70,747)  (54,730)
  Decrease in notes payable to                  
    Nordstrom, Inc.                                  -   (54,000) 
  Proceeds from issuance of long-term 
    debt, net                                        -    91,836 
  Cash dividend paid to Nordstrom, Inc.              -   (50,000) 
                                              --------  -------- 
Net cash used in financing activities          (70,747)  (66,894)
                                              --------  -------- 
                                                
Net increase in cash and cash equivalents          210    12,871  
Cash and cash equivalents  
  at beginning of period                           157       105 
                                              --------  -------- 
Cash and cash equivalents at end of period    $    367  $ 12,976
                                              ========  ======== 
<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, 1998.
</TABLE>
                           page 5 of 8 
<PAGE>
                         NORDSTROM CREDIT, INC. 
                     NOTES TO FINANCIAL STATEMENTS 
                              (unaudited) 
 
Note 1 - Basis of Presentation 
 
The balance sheets of Nordstrom Credit, Inc. (the "Company") as of
April 30, 1998 and 1997, 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, 1999. 
 
It is not considered necessary to include detailed footnote information  
as of April 30, 1998 and 1997.  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, 1998. 
 
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, 1998 and 1997, 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 - New Accounting Rules

In March 1998 the Accounting Standards Executive Committee of the AICPA
issued Statement of Position 98-1 ("SOP 98-1"), "Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use," which requires
that certain software costs be capitalized and amortized over the period of
use.  The effect of adopting SOP 98-1 during the quarter ended April 30,
1998, was not material to net earnings.

As of February 1, 1998, the Company has adopted Statement of Financial
Accounting Standards No. 130, "Reporting Comprehensive Income," which
establishes standards for the reporting and display of comprehensive income
and its components.  Adoption of this standard did not impact the Company's
financial position, results of operations or cash flows.









                           page 6 of 8
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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 1997, primarily due to a reduction in the accounts receivable
balances on which the Company earns service fees, which was partially offset
by an increase in finance charge rates effective in July 1997.

Interest expense decreased for the quarter when compared to the same period
in 1997, primarily due to lower levels of short-term debt outstanding.

During the first quarter of 1997, 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
                                     Vice President and Treasurer
                      (Principal Financial and Accounting Officer) 
 
Date:  June 9, 1998 
     ___________________ 
 
 






























                             page 8 of 8
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                               EXHIBIT INDEX 
 
           EXHIBIT                                     METHOD OF FILING 
---------------------------------               ------------------------------ 


27.1  Financial Data Schedule                   Filed herewith electronically.