<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, 2000


[ ]   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 9, 2000 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
<PAGE>




                            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, 2000
             and 1999                                                3

           Balance Sheets
             April 30, 2000 and 1999
             and January 31, 2000                                    4

           Statements of Cash Flows
             Three months ended April 30, 2000
             and 1999                                                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,
                                                    ------------------
                                                      2000      1999
                                                    --------  --------
<S>                                                 <C>       <C>
Service charge income                                $24,791   $24,864
Rental income from affiliates                            334       334
                                                    --------  --------
Total revenue                                         25,125    25,198

Expenses:
  Interest, net                                        6,309     6,624
  Servicing and marketing fees paid to
    Nordstrom fsb                                      9,199     6,183
  Other general and administrative                     3,722       278
                                                    --------  --------
Total expenses                                        19,230    13,085
                                                    --------  --------
Earnings before income taxes                           5,895    12,113
Income taxes                                           2,200     4,400
                                                    --------  --------
Net earnings                                         $ 3,695   $ 7,713
                                                    ========  ========
Ratio of earnings available for
  fixed charges to fixed charges                        1.93      2.83
                                                    ========  ========
<FN>
These statements should be read in conjunction with the Notes to
Financial Statements contained herein.

</TABLE>















                                page 3 of 8
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                            NORDSTROM CREDIT, INC.
                                BALANCE SHEETS
                            (Dollars in thousands)

<TABLE>
<CAPTION>
                                     April 30,    January 31,    April 30,
                                       2000          2000          1999
                                    (unaudited)                 (unaudited)
                                    -----------   -----------   -----------
<S>                                 <C>           <C>           <C>
ASSETS
------
Cash and cash equivalents              $    257      $    224      $     69

Customer accounts receivable, net
  of allowance for doubtful accounts
  of $15,418, $15,838 and $21,753       548,072       558,691       516,298

Other receivables                            53         2,092           118

Land, buildings and
  equipment, net (at cost)                4,257         4,296         4,465

Deferred taxes and other assets           7,403         7,082         9,281
                                       --------   -----------      --------
                                       $560,042      $572,385      $530,231
                                       ========   ===========      ========

LIABILITIES AND INVESTMENT OF NORDSTROM, INC.
---------------------------------------------
Note payable to Nordstrom, Inc.        $182,055      $169,080      $ 81,940

Accrued interest, taxes and other        18,352         5,365         6,914

Long-term debt                          203,350       245,350       303,350
                                       --------   -----------      --------
  Total liabilities                     403,757       419,795       392,204

Investment of Nordstrom, Inc.           156,285       152,590       138,027
                                       --------   -----------      --------
                                       $560,042      $572,385      $530,231
                                       ========   ===========      ========
<FN>
These statements should be read in conjunction with the Notes to
Financial Statements contained herein.

</TABLE>





                                page 4 of 8
<PAGE>



                           NORDSTROM CREDIT, INC.
                          STATEMENTS OF CASH FLOWS
                           (Dollars in thousands)
                                (unaudited)
<TABLE>
<CAPTION>
                                                       Three Months
                                                      Ended April 30,
                                                   ----------------------
                                                     2000          1999
                                                   --------      --------
<S>                                               <C>            <C>
OPERATING ACTIVITIES:
  Net earnings                                    $  3,695       $  7,713
  Adjustments to reconcile net earnings to net
    cash provided by operating activities:
    Depreciation and amortization                      150            164
    Change in:
      Other receivables                              2,039          2,591
      Deferred taxes and other assets                 (386)         1,325
      Accrued interest, taxes and other             12,987         (3,116)
                                                  --------       --------
Net cash provided by operating activities           18,485          8,677
                                                  --------       --------
INVESTING ACTIVITIES:
  Decrease in customer
    accounts receivable, net                        10,619         50,145
  Additions to property and equipment, net             (46)             -
                                                  --------       --------
Net cash provided by investing activities           10,573         50,145
                                                  --------       --------
FINANCING ACTIVITIES:
  Borrowings under note payable
    to Nordstrom, Inc., net                         12,975         19,940
  Payments of commercial paper, net                      -        (78,784)
  Principal payments on long-term debt             (42,000)             -
                                                  --------       --------
Net cash used in financing activities              (29,025)       (58,844)
                                                  --------       --------
Net increase (decrease) in cash
  and cash equivalents                                  33            (22)
Cash and cash equivalents
  at beginning of period                               224             91
                                                  --------       --------
Cash and cash equivalents at end of period        $    257       $     69
                                                  ========       ========
<FN>
These statements should be read in conjunction with the Notes to
Financial Statements contained herein.

</TABLE>




                                page 5 of 8
<PAGE>






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

Note 1 - Basis of Presentation

The balance sheets of Nordstrom Credit, Inc. (the "Company"), a wholly owned
subsidiary of Nordstrom, Inc. ("Nordstrom"), as of April 30, 2000 and 1999,
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, 2001.

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, 2000.

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 the Company as of
April 30, 2000 and 1999, 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 - Recent Accounting Pronouncements

Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting
for Derivative Instruments and Hedging Activities", as amended by SFAS No.
137, requires an entity to recognize all derivatives as either assets or
liabilities in the balance sheet and measure those instruments at fair
value. Adoption of this standard, on February 1, 2001, is not expected to
have a material impact on the Company's financial statements.

















                                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 ended April 30, 2000,
compared to the same period in 1999, primarily due to a reduction in the
accounts receivable balances on which the Company earns service fees.  The
decrease was partially offset by an increase in income generated from the
Company's investment in the VISA master trust as compared to the same period
in 1999.

Interest expense decreased for the quarter, compared to the same period in
1999, due primarily to lower levels of debt outstanding.

Servicing and marketing fees paid to Nordstrom fsb (formerly known as
Nordstrom National Credit Bank, "the Bank") increased primarily due to
increased marketing costs associated with a new company-wide program, the
"Reinvent" program, designed to stimulate credit card usage and generate new
accounts.

Other general and administrative expenses increased for the quarter,
compared to the same period in 1999, as a result of charges associated with
the credit card rewards program wherein customers earn points from purchases
at Nordstrom which are redeemable for merchandise at Nordstrom stores upon
the accumulation of a specified number of points.

The Company does not own any significant information technology systems or
related software. All significant systems utilized by the Company are owned
by Nordstrom and the Bank, which services the customer accounts receivable
of the Company.  Nordstrom and the Bank transitioned into the Year 2000
without any material negative effects on their business, operations or
financial condition.



                            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
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                                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/                      Michael G. Koppel
                      ------------------------------------------
                                               Michael G. Koppel
                         Vice President and Corporate Controller
                                   (Principal Accounting Officer)


Date:      June 12, 2000
------------------------































                                page 8 of 8
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                                EXHIBIT INDEX


                EXHIBIT                                METHOD OF FILING
--------------------------------------         ---------------------------
27.1  Financial Data Schedule                  Filed herewith electronically