<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 31, 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 December 8, 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 
<PAGE>
                    NORDSTROM CREDIT, INC. 
                    ---------------------- 
                            INDEX 
                            -----  
<TABLE>
<CAPTION>
                                                            Page 
                                                           Number 
                                                           ------ 
<S>                                                        <C>
PART I.  FINANCIAL INFORMATION 
 
    Item 1.  Financial Statements (Unaudited) 
 
        Statements of Earnings 
           Three and nine months ended October 31, 1997 
           and 1996                                            3 
 
        Balance Sheets 
           October 31, 1997 and 1996  
           and January 31, 1997                                4 
 
        Statements of Cash Flows 
           Nine months ended October 31, 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 
 
 </TABLE>
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                           page 2 of 8 
<PAGE>
                      NORDSTROM CREDIT, INC. 
                      STATEMENTS OF EARNINGS 
                      (dollars in thousands) 
                           (unaudited) 
<TABLE>
<CAPTION>
                                 Three Months         Nine Months 
                               Ended October 31,   Ended October 31, 
                              ------------------  ------------------ 
<S>                           <C>       <C>       <C>       <C>
                                1997      1996      1997      1996 
                              --------  --------  --------  -------- 
Service charge income          $25,956   $28,510   $80,163  $ 99,447 
Rental income from Nordstrom 
  National Credit Bank             321       322       964       904 
                              --------  --------  --------  -------- 
Total revenue                   26,277    28,832    81,127   100,351 
  
Expenses: 
  Interest, net                  9,136     9,354    27,081    31,288 
  Service fees paid to  
    Nordstrom National        
    Credit Bank                  6,329     6,609    20,754    21,870 
  Bad debts                          -         -         -     7,520 
  Other general and 
    administrative                 373       387     1,143     1,169 
                              --------  --------  --------  -------- 
Total expenses                  15,838    16,350    48,978    61,847 
                              --------  --------  --------  -------- 
Earnings before income 
  taxes and extraordinary 
  item                          10,439    12,482    32,149    38,504 
Income taxes                     3,900     4,300    11,900    13,900 
                              --------  --------  --------  -------- 
Earnings before 
  extraordinary item             6,539     8,182    20,249    24,604 
Extraordinary charge related 
  to the early extinguishment 
  of debt, net of income 
  taxes of $900                      -         -         -     1,452 
                              --------  --------  --------  -------- 
Net earnings                   $ 6,539   $ 8,182   $20,249  $ 23,152 
                              ========  ========  ========  ======== 
Ratio of earnings  
  available for fixed  
  charges to fixed charges        2.14      2.33      2.19      2.14 
                              ========  ========  ========  ======== 
<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 
                       (dollars in thousands) 
                            (unaudited) 
<TABLE>
<CAPTION> 
                            October 31,  January 31,  October 31, 
                               1997         1997         1996 
                            -----------  -----------  ----------- 
<S>                         <C>          <C>          <C>
ASSETS 
------ 
Cash and cash equivalents     $  3,167     $    105     $    639 
 
Customer accounts receivable 
  net of holdback allowance 
  of $27,450, $26,793 and 
  $22,075                      618,651      689,550      659,920 
 
Other accounts receivable        1,074       13,874        2,668 
 
Property and equipment, net      4,854        5,071        5,155 
 
Other assets                     1,773        1,506        1,611 
                            ----------   ----------   ---------- 
                              $629,519     $710,106     $669,993 
                            ==========   ==========   ========== 
 
LIABILITIES AND INVESTMENT OF NORDSTROM, INC. 
--------------------------------------------- 
Note payable to bank          $ 50,000     $ 50,000     $ 50,000

Commercial paper                22,918      113,770       95,890 

Notes payable to  
  Nordstrom, Inc.                    -       54,000       14,000 

Accrued interest, taxes  
  and other                     10,219        8,553        9,292 

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

Long-term debt                 403,350      311,000      335,000 
                            ----------   ----------   ---------- 
  Total liabilities            486,487      587,323      504,182 
 
Investment of  
  Nordstrom, Inc.              143,032      122,783      165,811 
                            ----------   ----------   ---------- 
                              $629,519     $710,106     $669,993 
                            ==========   ==========   ========== 
<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. 
  
                           page 4 of 8 
</TABLE>

<PAGE>
                      NORDSTROM CREDIT, INC. 
                     STATEMENTS OF CASH FLOWS 
                      (dollars in thousands) 
                          (unaudited) 
<TABLE>
<CAPTION>
                                                  Nine Months 
                                               Ended October 31, 
                                              ------------------ 
                                                1997      1996 
                                              --------  -------- 
<S>                                           <C>       <C>
OPERATING ACTIVITIES: 
  Earnings before extraordinary item          $ 20,249  $ 24,604 
  Adjustments to reconcile net 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                  659       995 
    Change in: 
      Other accounts receivable                 12,800     4,549 
      Accrued interest, taxes and other          1,666      (132)
                                              --------  -------- 
Net cash provided by operating activities       35,374    28,564  
                                              --------  -------- 
 
INVESTING ACTIVITIES: 
  Decrease in investment in 
    customer accounts receivable, net           70,899    12,050  
  Additions to property and equipment, net          (6)       (2) 
                                              --------  -------- 
Net cash provided by investing activities       70,893    12,048  
                                              --------  -------- 
 
FINANCING ACTIVITIES: 
  Decrease in commercial paper                 (90,852)  (86,611)
  Decrease in notes payable to                  
    Nordstrom, Inc.                            (54,000)  (72,000) 
  Sale of customer accounts  
    receivable to Nordstrom, Inc.                    -   202,888
  Proceeds from issuance of long-term 
    debt, net                                   91,647    57,759 
  Principal payments on long-term debt               -   (92,100) 
  Cash dividend paid to Nordstrom, Inc.        (50,000)  (50,000) 
                                              --------  -------- 
Net cash used in financing activities         (103,205)  (40,064)
                                              --------  -------- 
                                                
Net increase in cash and cash equivalents        3,062       548  
Cash and cash equivalents  
  at beginning of period                           105        91 
                                              --------  -------- 
Cash and cash equivalents at end of period    $  3,167  $    639 
                                              ========  ======== 
<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 8 
<PAGE>

                         NORDSTROM CREDIT, INC. 
                     NOTES TO FINANCIAL STATEMENTS 
                              (unaudited) 
 
Note 1: 
 
The balance sheets of Nordstrom Credit, Inc. (the "Company") as of October 31,
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 October 31, 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  
October 31, 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 and the nine month period when
compared to the same periods in 1996, primarily due to a reduction in 
revenues from the Company's VISA card program as a result of the securitiza-
tion of these receivables in August 1996. 

Interest expense decreased for the nine month period when compared to the
same period in 1996, due primarily to lower levels of short-term debt 
outstanding.

Service fees paid to Nordstrom National Credit Bank ("the Bank") decreased 
for the nine month period compared to the same period in 1996 due to the
securitization of the VISA receivables.  The decrease was partially offset by
an increase in fees paid to the Bank for the Nordstrom Accounts due to an
increase in the service fee rate from 1.65% to 2%, effective August 1996.

Bad debt expense decreased for the nine month period when compared to the same
period in 1996, due to the securitization of the VISA receivables. 
 
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 
         -------- 
        (10.1)  Loan Agreement dated July 17, 1997 between Registrant and
                Nordstrom, Inc. is filed herein as an Exhibit.
 
        (10.2)  Amendment to the Loan Agreement dated July 17, 1997 between 
                Registrant and Nordstrom, Inc., dated September 3, 1997, is
                filed herein as an Exhibit.

        (10.3)  Amendment to the Loan Agreement dated June 10, 1985, as
                amended May 16, 1994, between Registrant and Morgan
                Guaranty Trust Company of New York, dated September 3, 1997,
                is filed herein as an Exhibit.

        (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:  December 9, 1997 
     ___________________ 
 
 
 

































                             page 8 of 8 
<PAGE>
<TABLE>
<CAPTION>
                               EXHIBIT INDEX 
 
           EXHIBIT                                     METHOD OF FILING 
---------------------------------               ------------------------------ 
<S>   <C>                                       <C>
10.1  Loan Agreement dated July 17,             Filed herewith electronically. 
       1997, between Registrant and
       Nordstrom, Inc. 
 
10.2  Amendment to the Loan Agreement           Filed herewith electronically. 
       dated July 17, 1997, between
       Registrant and Nordstrom, Inc.,
       dated September 3, 1997

10.3  Amendment to the Loan Agreement           Filed herewith electronically.
       dated June 10, 1985, as amended   
       May 16, 1994, between Registrant
       and Morgan Guaranty Trust Company of
       New York, dated September 3, 1997

27.1  Financial Data Schedule                   Filed herewith electronically. 
</TABLE>