<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 October 30, 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, 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 November 30, 2004 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.



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

PART I.   FINANCIAL INFORMATION

                                                                    <c>
  Item 1.  Financial Statements (unaudited)

           Condensed Consolidated Statements of Earnings
             Quarter and Year to Date ended October 30, 2004
             and October 31, 2003                                       3

           Condensed Consolidated Balance Sheets
             October 30, 2004, January 31, 2004 and October 31, 2003    4

           Condensed Consolidated Statements of Cash Flows
             Year to Date ended October 30, 2004 and October 31, 2003   5

           Notes to Condensed Consolidated Financial Statements         6

  Item 2.  Management's Discussion and Analysis of Financial
           Condition and Results of Operations                          8

  Item 4.  Controls and Procedures                                      8

PART II.  OTHER INFORMATION

  Item 6.  Exhibits                                                     9


SIGNATURES                                                             10
</table>


























                                   2 of 10



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

<table>
<caption>
                                Quarter Ended            Year to Date Ended
                           -----------------------    -----------------------
                           October 30,  October 31,   October 30,  October 31,
                              2004         2003          2004         2003
                           ----------   ----------    ----------   ----------

                           <c>          <c>            <c>         <c>
Revenue:
  Service charge income       $23,539      $24,263       $70,566      $73,008
  Other fees and charges        1,843        2,074         5,740        6,478
                              -------      -------       -------      -------
Total revenue                 $25,382       26,337        76,306       79,486

Expenses:
  Interest expense             (5,819)      (5,516)      (16,980)     (16,298)
  Servicing and marketing
    fees paid to
    Nordstrom fsb              (3,055)      (3,321)       (9,204)     (10,857)
  Selling, general
    and administrative           (251)        (257)         (684)        (896)
                              -------      -------       -------      -------
Total expenses                 (9,125)      (9,094)      (26,868)     (28,051)
Interest income                 1,575          515         3,362        1,239
                              -------      -------       -------      -------
Operating income               17,832       17,758        52,800       52,674
Other income                      279          281           847          843
                              -------      -------       -------      -------
Earnings before income
    taxes                      18,111       18,039        53,647       53,517
Income tax expense             (6,610)      (6,585)      (19,581)     (19,534)
                              -------      -------       -------      -------
Net earnings                  $11,501      $11,454       $34,066      $33,983
                              =======      =======       =======      =======
</table>


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





















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<page>
                    NORDSTROM CREDIT, INC. AND SUBSIDIARY
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                            (dollars in thousands)
                                  (unaudited)
<table>
<caption>
                                     October 30,   January 31,    October 31,
                                        2004          2004           2003
                                     -----------   -----------    ----------

                                     <c>           <c>            <c>
ASSETS
------
Cash and cash equivalents             $    432      $    338      $    320

Customer accounts receivable, net
  of allowance for doubtful accounts
  of $19,534, $20,320 and $20,746      535,597       575,792       552,672

Investment in master trust
  certificates                         250,000             -             -

Receivable from affiliates and
  other receivables, net                22,836        27,581        14,163

Notes receivable from affiliates        29,185       205,435       177,835

Land, buildings and
  equipment, net                           438           279           284

Deferred taxes and other assets          6,827         7,554         7,704
                                      --------      --------      --------
                                      $845,315      $816,979      $752,978
                                      ========      ========      ========

LIABILITIES AND SHAREHOLDER'S EQUITY
------------------------------------
Payable to affiliates, net           $  2,905       $  9,450      $ 12,472

Note payable to Nordstrom, Inc.       120,975        118,850        66,825

Accrued interest, taxes and other       6,981          6,017         2,317

Current portion of long-term debt      96,027              -             -

Long-term debt                        300,000        397,500       397,500

Other liabilities                      14,104         14,905        15,178
                                     --------        -------      --------
  Total liabilities                   540,992        546,722       494,292

Common stock and additional paid in
  capital                              55,059         55,059        55,059

Retained earnings                     249,264        215,198       203,627
                                     --------       --------      --------
  Total shareholder's equity          304,323        270,257       258,686
                                     --------       --------      --------
                                     $845,315       $816,979      $752,978
                                     ========       ========      ========
</table>

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


                                   4 of 10



<page>
                   NORDSTROM CREDIT, INC. AND SUBSIDIARY
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (dollars in thousands)
                                (unaudited)
<table>
<caption>

                                                     Year to Date Ended
                                                   -----------------------
                                                  October 30,  October 31,
                                                     2004          2003
                                                   ----------   ----------

                                                   <c>          <c>
OPERATING ACTIVITIES:
  Net earnings                                      $34,066       $33,983
  Adjustments to reconcile net earnings to net
    cash used in operating activities:
    Depreciation and amortization                       104            87
    Deferred income taxes                               310           634
    Change in operating assets and liabilities:
      Receivable from affiliates and other
         receivables, net                              (713)       21,962
      Notes receivable from affiliates              (73,750)      (93,440)
      Other assets                                       10           287
      Payable to affiliates, net                       (756)        4,153
      Accrued interest, taxes and other                 964         1,364
      Other liabilities                                (801)         (692)
                                                   --------      --------
Net cash used in operating activities               (40,566)      (31,662)
                                                   --------      --------
INVESTING ACTIVITIES:
  Increase in customer accounts receivable, net      40,195        41,778
  Additions to property and equipment, net             (187)          (31)
                                                   --------      --------
Net cash provided by investing activities            40,008        41,747
                                                   --------      --------
FINANCING ACTIVITIES:
  Borrowings (repayments) under note payable to
    Nordstrom, Inc., net                              2,125        (7,635)
  Principal payments on long-term debt               (1,473)       (2,500)
                                                   --------      --------
Net cash provided by (used in) financing activities     652       (10,135)
                                                   --------      --------
Net increase (decrease) in cash and cash
  equivalents                                            94           (50)
Cash and cash equivalents at beginning of period        338           370
                                                   --------      --------
Cash and cash equivalents at end of period         $    432      $    320
                                                   ========      ========
</table>
The accompanying Notes to the Condensed Consolidated Financial Statements are
an integral part of these statements.













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<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 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 - Intercompany Interest

Interest expense includes $631 and $243 of intercompany interest expense for
the third quarter of 2004 and 2003, respectively.  For the year to date
periods ended October 30, 2004 and October 31, 2003, intercompany interest
expense was $1,259 and $404, respectively.

Interest income includes $122 and $508 of intercompany interest income for the
third quarter of 2004 and 2003, respectively.  For the year to date periods
ended October 30, 2004 and October 31, 2003, intercompany interest income was
$642 and $1,213, respectively.


Note 3 - Customer Accounts Receivable

Customer accounts receivable, net, consists of the following:
<table>
<caption>
                                      October 30,   January 31,    October 31,
                                        2004           2004           2003
                                     ----------     -----------    ----------

                                      <c>           <c>            <c>
Private label trade receivables:
   Unrestricted accounts              $ 10,155        $  6,120      $  6,022
   Restricted accounts                 544,976         589,992       567,396
Allowance for doubtful accounts        (19,534)        (20,320)      (20,746)
                                     ----------     -----------    ----------
Private label trade receivables, net  $535,597        $575,792      $552,672
                                     ==========     ===========    ==========
 </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.

                                   6 of 10


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



Note 4 - Investment in Master Trust Certificates

On March 31, 2004, we exchanged $200,000 of intercompany receivables from
Nordstrom fsb for an investment in master trust certificates ("2004 Notes")
issued by a trust (the "Trust") that is comprised of Nordstrom co-branded VISA
credit card receivables.  Nordstrom fsb caused a portion of its interest in
the Trust to be exchanged for the newly issued 2004 Notes.  The 2004 Notes
were purchased by us at par for a combined face amount of $200,000.  Interest
earned is based on one month LIBOR and a credit spread index.  Maturity is
subject to annual renewal by Nordstrom fsb and us.  The principal balances can
change subject to agreement and other approvals required by the governing
transaction documents.  On June 30, 2004, we mutually agreed with Nordstrom
fsb to increase the face value of the 2004 Notes by $50,000 to $250,000.  The
2004 Notes are accounted for as available-for-sale securities under Statement
of Financial Accounting Standards No. 115 "Accounting for Certain Investments
in Debt and Equity Securities."


Note 5 - 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
October 30, 2004.

During the third quarter of 2004, we retired $500 of our 6.7% medium-term
notes for a total cash payment of $519.  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 trade 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 to date period ended October 30, 2004.


Note 6 - Supplementary Cash Flow Information

As described above in Note 4, we exchanged the 2004 Notes that represent
undivided interests in a pool of VISA credit card receivables for notes
receivable from affiliates.  The 2004 Notes have a combined face amount of
$250,000 and were priced at par.

Initial expenses of $2,206 related to the securitization of private label
receivables were capitalized in November 2001 and are amortized using the
straight-line method over the 60-month life of the trust agreement.  Amortized
costs are reimbursed by Nordstrom, Inc. monthly.  Year to date amortization
was $331 and $345 in 2004 and 2003, respectively.








                                   7 of 10



<page>

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

We earn service charge income on customer accounts receivable, which we
purchase from an affiliate that is also a wholly-owned subsidiary of our
parent, Nordstrom, Inc.  Service charge income decreased for the quarter and
year to date periods ended October 30, 2004 compared to the same periods in
2003, primarily due to a decrease in the average customer accounts receivable
balances.  Customer accounts receivable have declined approximately 3% over
the past year for the quarter and year to date periods ended October 30, 2004
due to lower volume and accelerated customer repayments.

Other fees and charges consist primarily of late fees.  Late fee income was
$1.5 million and $1.8 million for the third quarter of 2004 and 2003,
respectively.  For the year to date periods in 2004 and 2003, late fee income
was $4.8 million and $5.6 million, respectively.

Interest income increased for the quarter and year to date periods ended
October 30, 2004 compared to the same periods in 2003, primarily due to an
increase in interest income earned on the investment in master trust
certificates ("2004 Notes").  The interest rate on the 2004 Notes is higher
than the rate on the receivables due from Nordstrom fsb, which we exchanged
for the 2004 Notes.  The increase in interest income related to the 2004 Notes
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 October 30, 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.


Item 4.  Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, 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.

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.











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<page>

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

Item 6.  Exhibits

         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.








































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<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:   December 3, 2004
--------------------------










































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<page>

NORDSTROM CREDIT INC. AND SUBSIDIARY

Exhibit Index

Exhibit                                      Method of Filing
-------                                      ----------------

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