<page>


                                UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, DC 20549

                                 FORM 10-Q/A

                              (Amendment No. 1)

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


      For the quarterly period ended July 31, 2004


[ ]   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 Avenue, Centennial, 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
                               _____       _____

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Exchange Act 12b-2).

                            YES          NO  X
                               _____       _____


On August 31, 2004 Registrant had 10,000 shares of common stock
($0.50 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.


                                   1 of 13

<page>
                               Explanatory Note
                               ----------------

This Amendment to the Quarterly Report on Form 10-Q for Nordstrom Credit, Inc.
for the fiscal quarter ended July 31, 2004, is being filed to correct an error
in our condensed consolidated statements of cash flows for the year to date
ended July 31, 2004 and 2003.  We historically recognized amounts loaned to
our affiliate, Nordstrom fsb (the "Bank") in our condensed consolidated
statements of cash flows as a separate line item in operating activities.
However, we determined that the amounts loaned to the Bank should be
classified in investing activities and, accordingly, have restated the
accompanying condensed consolidated statements of cash flows for the year to
date ended July 31, 2004 and 2003.  See Note 6 in our Notes to Condensed
Consolidated Financial Statements for a discussion of this correction and a
reconciliation of amounts previously reported to those shown herein.  Our
previously reported net earnings and shareholder's equity are not impacted by
this correction.
















































                                   2 of 13

<page>


                    NORDSTROM CREDIT, INC. AND SUBSIDIARY
                    -------------------------------------
                                    INDEX
                                    -----
<table>
<caption>
                                                                   Page
                                                                  Number
                                                                  ------

                                                               <c>
PART I.   FINANCIAL INFORMATION

  Item 1.  Financial Statements (unaudited)

           Condensed Consolidated Statements of Earnings
             Quarter and Year to Date ended July 31, 2004
             and July 31, 2003                                       4

           Condensed Consolidated Balance Sheets
             July 31, 2004, January 31, 2004 and July 31, 2003       5

           Condensed Consolidated Statements of Cash Flows
             Year to Date ended July 31, 2004 and July 31, 2003      6
             (Restated)

           Notes to Condensed Consolidated Financial Statements      7

  Item 2.  Management's Discussion and Analysis of Financial
           Condition and Results of Operations                      10

  Item 4.  Controls and Procedures                                  11

PART II.  OTHER INFORMATION

  Item 6.  Exhibits                                                 12


SIGNATURES                                                          13
</table>
























                                   3 of 13

<page>

                     NORDSTROM CREDIT, INC. AND SUBSIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                            (dollars in thousands)
                                  (unaudited)

<table>
<caption>
                                         Quarter Ended     Year to Date Ended
                                      ------------------   ------------------
                                      July 31,  July 31,   July 31,  July 31,
                                        2004      2003       2004      2003
                                      --------  --------   --------  --------

                                   <c>       <c>        <c>       <c>
Revenue:
  Finance charge income               $23,512    $23,988   $47,027    $48,745
  Other fees and charges                2,022      2,301     3,897      4,404
                                      --------  --------   --------  --------
Total revenue                          25,534     26,289    50,924     53,149

Expenses:
  Interest expense                     (5,599)    (5,424)  (11,163)   (10,782)
  Servicing and marketing fees
    paid to Nordstrom fsb              (2,987)    (3,360)   (6,149)    (7,536)
  Selling, general and administrative    (252)      (388)     (433)      (639)
                                      --------  --------   --------   --------
Total expenses                         (8,838)    (9,172)  (17,745)   (18,957)
Interest income                         1,351        401     1,789        724
                                      --------  --------   --------   --------
Operating income                       18,047     17,518    34,968     34,916
Other income                              282        281       568        562
                                      --------  --------   --------   --------
Earnings before income taxes           18,329     17,799    35,536     35,478
Income tax expense                     (6,690)    (6,479)  (12,971)   (12,949)
                                      --------  --------   --------   --------
Net earnings                          $11,639    $11,320   $22,565    $22,529
                                      ========  ========   ========   ========
</table>


The accompanying Notes to the Condensed Consolidated Financial Statements are
an integral part of these statements.























                                   4 of 13

<page>

                    NORDSTROM CREDIT, INC. AND SUBSIDIARY
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                            (dollars in thousands)
                                  (unaudited)
<table>
<caption>
                                     July 31,     January 31,    July 31,
                                       2004          2004          2003
                                    -----------   -----------   -----------

                                 <c>           <c>           <c>
ASSETS
------
Cash and cash equivalents             $    315      $    338     $     397

Retail charge card receivables, net
  of allowance for doubtful accounts
  of $19,934, $20,320 and $21,146      604,388       575,792       619,731

Investment in master trust
  certificates                         250,000             -             -

Receivable from parent and affiliates
  and other receivables, net            30,347        20,558         3,475

Notes receivable from affiliates        38,560       205,435       160,495

Land, leasehold improvements and
  equipment, net                           443           279           281

Deferred taxes and other assets          6,969         7,554         8,482
                                      --------      --------      --------
                                      $931,022      $809,956      $792,861
                                      ========      ========      ========

LIABILITIES AND SHAREHOLDER'S EQUITY
------------------------------------
Payable to parent and affiliates, net    2,505      $  2,427      $  1,839

Note payable to Nordstrom, Inc.        220,125       118,850       130,185

Accrued interest, taxes and other        4,676         6,017           662

Debt                                   396,527       397,500       397,500

Other liabilities                       14,367        14,905        15,443
                                      --------      --------      --------
  Total liabilities                    638,200       539,699       545,629

Common stock, $0.50 par value
  100,000 shares authorized;
  10,000 shares issued and outstanding       5             5             5

Additional paid in capital              55,054        55,054        55,054

Retained earnings                      237,763       215,198       192,173
                                      --------      --------      --------
  Total shareholder's equity           292,822       270,257       247,232
                                      --------      --------      --------
                                      $931,022      $809,956      $792,861
                                      ========      ========      ========
</table>
The accompanying Notes to the Condensed Consolidated Financial Statements are
an integral part of these statements.

                                   5 of 13

<page>

                   NORDSTROM CREDIT, INC. AND SUBSIDIARY
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (dollars in thousands)
                                (unaudited)
<table>
<caption>
                                                     Year to Date Ended
                                                   ----------------------
                                                   July 31,      July 31,
                                                     2004          2003
                                                   --------      --------
                                                  As Restated, see Note 6
                                                  ------------------------

                                               <c>            <c>
OPERATING ACTIVITIES:
  Net earnings                                      $22,565       $22,529
  Adjustments to reconcile net earnings to net
    cash provided by operating activities:
    Depreciation and amortization                        68            58
    Deferred income taxes                               214             -
    Change in operating assets and liabilities:
      Receivable from parent and affiliates and
         other receivables, net                     (15,247)       26,461
      Other assets                                       99           168
      Payable to parent and affiliates, net           5,757          (291)
      Accrued interest, taxes and other              (1,341)         (291)
      Other liabilities                                (538)         (427)
                                                   --------      --------
Net cash provided by operating activities            11,577        48,207
                                                   --------      --------
INVESTING ACTIVITIES:
  Increase in retail charge card receivables, net   (28,596)      (25,281)
  Increase in notes receivable from affiliates      (83,125)      (76,100)
  Additions to property and equipment, net             (181)          (24)
                                                   --------      --------
Net cash used in investing activities              (111,902)     (101,405)
                                                   --------      --------
FINANCING ACTIVITIES:
  Borrowings under note payable to
    Nordstrom, Inc., net                            101,275        55,725
  Principal payments on long-term debt                 (973)       (2,500)
                                                   --------      --------
Net cash provided by financing activities           100,302        53,225
                                                   --------      --------
Net (decrease) increase in cash and cash
  equivalents                                           (23)           27
Cash and cash equivalents at beginning of period        338           370
                                                   --------      --------
Cash and cash equivalents at end of period         $    315      $    397
                                                   ========      ========
</table>
The accompanying Notes to the Condensed Consolidated Financial Statements are
an integral part of these statements.











                                   6 of 13

<page>
                     NORDSTROM CREDIT, INC. AND SUBSIDIARY
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                           (dollars in thousands)
                                (unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
---------------------
The accompanying condensed consolidated financial statements should be read in
conjunction with the Notes to Consolidated Financial Statements contained in
the Nordstrom Credit, Inc. 2003 Annual Report on Form 10-K.  The same
accounting policies are followed in preparing quarterly financial data as are
followed in preparing annual data.  In management's opinion, all adjustments
necessary for a fair presentation of the results of operations, financial
position and cash flows have been included and are of a normal, recurring
nature.

We reclassified certain prior year amounts to conform to the current year
presentation.

The condensed consolidated statements of cash flows for the year to date ended
July 31, 2004 and 2003 have been restated.  See Note 6 for a reconciliation of
amounts previously reported to those shown herein.

The interim financial information presented here is not necessarily indicative
of the results to be expected for the fiscal year.

Change in Fiscal Year
---------------------
On February 1, 2004, our fiscal year-end changed from January 31 to the
Saturday closest to January 31.  Future fiscal years will consist of four 13
week quarters, with an extra week added onto the fourth quarter every five to
six years.

NOTE 2 - RETAIL CHARGE CARD RECEIVABLES

Retail charge card receivables, net, consists of the following:
<table>
<caption>
                                      July 31,       January 31,    July 31,
                                        2004           2004           2003
                                     ----------     -----------    ----------

                                  <c>            <c>            <c>
Retail charge card receivables:
   Unrestricted receivables           $  6,213        $  6,120      $  2,305
   Restricted receivables              618,109         589,992       638,572
Allowance for doubtful accounts        (19,934)        (20,320)      (21,146)
                                     ----------     -----------    ----------
Retail charge card receivables, net   $604,388        $575,792      $619,731
                                     ==========     ===========    ==========
</table>
Restricted accounts receivable secure the $300,000 term note due 2006, and the
variable funding note facility, which had no balance outstanding in 2004.











                                   7 of 13

<page>

                     NORDSTROM CREDIT, INC. AND SUBSIDIARY
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                            (dollars in thousands)
                                 (unaudited)

NOTE 3 - INVESTMENT IN MASTER TRUST CERTIFICATES

On March 31, 2004, we exchanged affiliate receivables due from Nordstrom fsb
for two notes that represent undivided interests in a pool of Nordstrom co-
branded VISA credit card receivables.  The notes were purchased by us at par
for a combined face amount of $200,000.  Interest earned on the notes is based
on one month LIBOR and a credit spread index.  The maturity of the notes is
subject to annual renewal by both parties.  The principal balances of the
notes can change subject to agreement between the parties and other approvals
required by the governing transaction documents.  On June 30, 2004, we
increased the face value of the notes by $50,000 to $250,000, by exchanging
additional affiliate receivables.  The notes are accounted for as available-
for-sale securities under SFAS No. 115 "Accounting for Certain Investments in
Debt and Equity Securities."  Nordstrom fsb holds the related Seller Retained
Interest and Interest Only Strip associated with the notes.


NOTE 4 - DEBT

The agreement for our 6.7% medium-term notes contains restrictive covenants,
which include maintaining a ratio of Earnings to Fixed Charges of at least
1.25 to 1.00.  We are in full compliance with these restrictive covenants at
July 31, 2004.

During the first quarter of 2004, we retired $973 of our 6.7% medium-term
notes for a total cash payment of $1,033.

In May 2004, we renewed our variable funding note backed by Nordstrom private
label receivables and lowered the capacity by $50,000 to $150,000.  This note
is renewed annually and interest is paid based on the actual cost of
commercial paper plus specified fees.  We also pay a commitment fee for the
note based on the amount of the facility.  We did not make any borrowings
under this note during the year.


NOTE 5 - SUPPLEMENTARY CASH FLOW INFORMATION

We purchased two notes that represent undivided interests in a pool of VISA
credit card receivables.  The notes have a combined face amount of $250,000
and were purchased by us at par.  The notes were purchased by exchanging our
notes receivable from affiliates.

Initial expenses related to the securitization of private-label receivables
were capitalized and are amortized straight-line over the 60-month life of the
trust agreement.  Amortized costs are transferred to Nordstrom, Inc. monthly.














                                   8 of 13

<page>
                     NORDSTROM CREDIT, INC. AND SUBSIDIARY
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                            (dollars in thousands)
                                 (unaudited)


NOTE 6 - RESTATEMENT

Subsequent to issuance of our 2004 quarterly financial statements, we have
corrected an error in our condensed consolidated statements of cash flows for
the year to date ended July 31, 2004 and 2003. We historically recognized
amounts loaned to our affiliate, Nordstrom fsb (the "Bank") in our condensed
consolidated statements of cash flows as a separate line item in operating
activities. However, we determined that the amounts loaned to the Bank should
be classified in investing activities and, accordingly, have restated the
accompanying condensed consolidated statements of cash flows for the year to
date ended July 31, 2004 and 2003.

The following table summarizes the impact of the restatement on the previously
issued financial statements:
<table>
<caption>
                                                           Year to Date Ended July 31, 2004
                                                      ------------------------------------------
                                                          As
                                                      Originally     Restatement
                                                       Reported       Adjustment     As Restated
                                                      ----------     -----------     -----------

                                                   <c>            <c>             <c>
Condensed Consolidated Statement of
  Cash Flows

Net cash (used in) provided by
  operating activities                                $  (71,548)       $ 83,125      $  11,577
Net cash used in investing
  activities                                             (28,777)        (83,125)      (111,902)
                                                      ----------      ----------     ----------

                                                           Year to Date Ended July 31, 2003
                                                      ------------------------------------------
                                                          As
                                                      Originally     Restatement
                                                       Reported       Adjustment     As Restated
                                                      ----------     -----------     -----------
Condensed Consolidated Statement of
  Cash Flows

Net cash (used in) provided by
  operating activities                                 $ (27,893)       $ 76,100       $  48,207
Net cash used in investing
  activities                                             (25,305)        (76,100)       (101,405)
                                                      ----------      ----------      ----------
</table>


















                                   9 of 13

<page>

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

We earn finance charge income on customer accounts receivable, which we
purchase from an affiliate that is also a wholly-owned subsidiary of our
parent, Nordstrom, Inc.  Finance charge income decreased for the quarter and
year to date periods ended July 31, 2004 compared to the same periods in 2003,
primarily due to a decrease in the average customer accounts receivable
balances.  Retail charge card receivables have declined approximately 3% over
the past year for the quarter and year to date periods ended July 31, 2004 due
to accelerated customer repayments.

Other fees and charges consist primarily of late fees.  Late fee income
decreased for the quarter and year to date periods ended July 31, 2004
compared to the same periods in 2003, primarily due to decreases in the number
of past due accounts.  Late fee income was $1.7 million and $2.0 million for
the second quarter in 2004 and 2003, respectively.  For the year to date
periods ended July 31, 2004 and 2003 late fee income was $3.3 million and $3.8
million, respectively.

Interest income increased for the quarter and year to date periods ended July
31, 2004 compared to the same periods in 2003, primarily due to an increase in
interest income earned on the Master Trust certificates.  The interest rate on
the Master Trust certificates is higher than the rate on the receivables due
from Nordstrom fsb, which we exchanged for the Master Trust certificates.  The
increase in Master Trust interest income was partially offset by a decrease in
intercompany interest income.  The decrease in intercompany interest income is
due to the lower average outstanding note receivable balance from Nordstrom
fsb during 2004 compared to the prior year.

Servicing and marketing fees paid to Nordstrom fsb decreased for the quarter
and year to date periods ended July 31, 2004 compared to the same periods in
2003, primarily due to a restructure of the marketing fees.  The decrease is
also due to a decline in the outstanding balances of the private label card
portfolio.




























                                   10 of 13

<page>

Item 4.  Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q/A,
we performed an evaluation under the supervision and with the participation of
management, including our President and Vice President and Treasurer, of our
disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e)
under the Securities and Exchange Act of 1934 (the "Exchange Act")). Based
upon that evaluation, our President and our Vice President and Treasurer
concluded that, as of the end of the period covered by this Quarterly Report,
our disclosure controls and procedures are effective in the timely recording,
processing, summarizing and reporting of material financial and non-financial
information.

In May 2004, our parent, Nordstrom, Inc. implemented a new human resources
management system to replace all of the mainframe legacy systems relating to
human resources.  This system will enhance the integration with our existing
financial systems and provide us with improved management and information on
our labor and benefits.  Many processes have been automated and the system
lays the foundation for additional improvements in the future.  This
implementation has resulted in certain changes to business processes and
internal controls impacting financial reporting.  Management is taking the
necessary steps to monitor and maintain appropriate internal controls during
this period of change.  These steps include testing before the implementation,
deploying resources to mitigate internal control risks, implementing reviews
to ensure the accuracy of our data and processes, and performing multiple
levels of reconciliations and analysis.

Other than as described above, there has been no change in our internal
control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f)
of the Exchange Act) during our most recently completed fiscal quarter that
has materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.

In coming to the conclusion that our disclosure controls and procedures were
effective as of July 31, 2004, our management considered, among other things,
the control deficiencies related to the cash flow statement classification of
notes receivable from affiliates, which resulted in a restatement of our
accompanying condensed consolidated financial statements, as disclosed in Note
6 to the condensed consolidated financial statements for the quarter ended
July 31, 2004.  After reviewing and analyzing the Securities and Exchange
Commission's Staff Accounting Bulletin ("SAB") No. 99, "Materiality", and
Accounting Principles Board Opinion No. 20, "Accounting Changes" and taking
into consideration that the restatement adjustment did not impact our total
revenue, net earnings, total cash flows or shareholder's equity for any prior
period, our management concluded that our disclosure controls and procedures
were effective.  Following our identification of these control deficiencies,
we have corrected our process for preparing our statements of cash flows by
performing a more thorough review of the classifications of our cash flows to
comply with SFAS No. 95 "Statement of Cash Flows" and SFAS No. 102 "Statement
of Cash Flows - Exemption of Certain Enterprises and Classification of Cash
Flows from Certain Securities Acquired for Resale - An Amendment of FASB
Statement No. 95."  In addition, we will continue to monitor GAAP developments
and changes in our business to reduce the risk of classification errors in our
statements of cash flows.










                                   11 of 13

<page>

                            PART II - OTHER INFORMATION
                            ---------------------------
<table>
<caption>
Item 6.  Exhibits

      <c>
         10.1 Omnibus Amendment Agreement dated June 30, 2004 between
              Nordstrom Credit Card Receivables, LLC and Registrant.

         31.1 Certification of President required by Section 302(a) of the
              Sarbanes-Oxley Act of 2002.

         31.2 Certification of Vice President and Treasurer required by
              Section 302(a) of the Sarbanes-Oxley Act of 2002.

         32.1 Certification of President regarding periodic report
              containing financial statements pursuant to 18 U.S.C. 1350, as
              adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
              2002.

         32.2 Certification of Vice President and Treasurer regarding
              periodic report containing financial statements pursuant to 18
              U.S.C. 1350, as adopted pursuant to Section 906 of the
              Sarbanes-Oxley Act of 2002.
</table>








































                                   12 of 13

<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. AND SUBSIDIARY

                            (Registrant)



                                    /s/          Michael G. Koppel
                                    ---------------------------------------
                                                 Michael G. Koppel
                                           Vice President and Treasurer
                                           (Principal Financial Officer)


Date:   August 8, 2005
----------------------









































                                   13 of 13

<page>
<table>
<caption>
NORDSTROM CREDIT INC. AND SUBSIDIARY

Exhibit Index

                                          <c>
Exhibit                                      Method of Filing
-------                                      ----------------

10.1  Omnibus Amendment Agreement dated      Incorporated by reference from
       June 30, 2004 between Nordstrom        Registrant's Form 10-Q for the
       Credit Card Receivables, LLC and       quarter ended July 31, 2004,
       Registrant                             Exhibit 10.1

31.1  Certification of President             Filed herewith electronically
       required by Section 302(a)
       of the Sarbanes-Oxley Act of 2002

31.2  Certification of Vice President and    Filed herewith electronically
       Treasurer required by Section 302(a)
       of the Sarbanes-Oxley Act of 2002

32.1  Certification of President             Furnished herewith electronically
       regarding periodic report
       containing financial statements
       pursuant to 18 U.S.C. 1350, as
       adopted pursuant to Section 906
       of the Sarbanes-Oxley Act of 2002

32.2  Certification of Vice President and    Furnished herewith electronically
       Treasurer regarding periodic report
       containing financial statements
       pursuant to 18 U.S.C. 1350, as
       adopted pursuant to Section 906
       of the Sarbanes-Oxley Act of 2002
</table>