|UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549FORM 10-K                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(Mark One)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|For the fiscal year ended December 31, 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|OR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|For the transition period from ______ to _______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Commission File No. 333-101918-01                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|HOUSEHOLD AFFINITY CREDIT CARD MASTER NOTE TRUST I(Exact name of Registrant as specified in Department of the Treasury, Internal Revenue Service Form SS-4)HSBC FINANCE CORPORATION(Servicer of the Trust)
(Exact name as specified in Servicer's charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|DELAWARE(State or other jurisdiction of incorporation of Servicer)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|2700 Sanders Road, Prospect Heights, Illinois  60070(Address of principal executive offices of Servicer)(847) 564-5000Servicer's telephone number, including area code                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Securities registered pursuant to Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Title of each class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Series 2003-1 Asset Backed NotesClass A Notes
Class B Notes
Class C Notes
Series 2003-2 Asset Backed Notes
Class A Notes
Class B Notes
Class C Notes
Series 2003-3 Asset Backed Notes
Class A Notes
Class B Notes
Class C Notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Securities registered pursuant to section 12(g) of the Act:  None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [X]
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).  Yes [   ]  No [X]
Registrant has no voting or non-voting class common equity outstanding as of the date of this report.

|INTRODUCTORY NOTE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Household Affinity Funding Corporation III is the transferor (the "Transferor") under an Amended and Restated Transfer and Servicing Agreement dated as of March 13, 2003 (as amended, the "Agreement"), by and among the Transferor, HSBC Finance Corporation, successor by merger to Household Finance Corporation, as Servicer (the "Servicer") and Household Affinity Credit Card Master Note Trust I as Issuer (the "Issuer"), and the Series 2003-1 Indenture Supplement dated as of March 13, 2003, by and between the Issuer and The Bank of New York as indenture trustee ("Indenture Trustee") with respect to the Series 2003-1, 2003-2 and 2003-3 Notes. Under the Agreement, the Transferor sells certain receivables arising in connection with revolving credit accounts to the Wilmington Trust Company as Owner Trustee (the "Owner Trustee") on behalf of the Trust. Such receivables are pledged as collateral for a series of asset-backed notes (the "Notes") issued pursuant to the Amended and Restated Master Indenture dated as of March 13, 2003, between the Owner Trustee and the Indenture Trustee, and each indenture supplement thereto (together, and as such agreements may be amended or supplemented from time to time, an "Indenture").                                                                 
|Each Note represents an undivided interest in the Trust.  The Series 2003-1 Supplement dated as of March 13, 2003 (the "Series 2003-1 Supplement"), between the Owner Trustee and the Indenture Trustee created a Series of Notes designated as Household Affinity Credit Card Master Note Trust I, Series 2003-1 Asset Backed Notes; consisting of three classes; Class A, Class B and Class C Notes. The Series 2003-2 Supplement dated as of March 13, 2003 (the "Series 2003-2 Supplement"), between the Owner Trustee and the Indenture Trustee created a Series of Notes designated as Household Affinity Credit Card Master Note Trust I, Series 2003-2 Asset Backed Notes; consisting of three classes; Class A, Class B and Class C Notes. The Series 2003-3 Supplement dated as of August 22, 2003 (the "Series 2003-3 Supplement"), between the Owner Trustee and the Indenture Trustee created a Series of Notes designated as Household Affinity Credit Card Master Note Trust I, Series 2003-3 Asset Backed Notes; consisting of three classes; Class A, Class B and Class C Notes.
As of December 31, 2004, the outstanding principal balance of the Series 2003-1 Notes was approximately $500,000,000, the Series 2003-2 Notes was approximately $750,000,000 and the Series 2003-3 Notes was approximately $1,000,000,000.
|The Servicer has prepared this Form 10-K on behalf of the Registrant in reliance upon various no-action letters issued by the Securities and Exchange Commission (the "Commission") to other trusts substantially similar to the Trust.  Items designated herein as "Not Applicable" have been omitted as a result of this reliance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 1.	Business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 2.	Properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 3.	Legal Proceedings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|The Servicer is not aware of any material pending legal proceedings involving either the Registrant, the Indenture Trustee, the Owner Trustee, the Transferor or the Servicer with respect to the Notes or the Registrant's property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 4.	Submission of Matters to a Vote of Security Holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|No vote or consent of the holders of the Notes (the "Noteholders") was solicited for any purpose during the year ended December 31, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|To the best knowledge of the Servicer, there is no established public trading market for the Notes.  At March 24, 2005, there were less than 300 holders of record of each Class of Notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 6.	Selected Financial Data.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 7A.  Quantitative and Qualitative Disclosures About Market Risk.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Item 8.	Financial Statements and Supplementary Data.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 9A.  Controls and Procedures.

Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Item 9B.  Other Information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 10. Directors and Executive Officers of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Item 11.  Executive Compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Item 12.  Security Ownership of Certain Beneficial Owners and Management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of the Class A, Class B and Class C Notes, (ii) the principal amount of Notes owned by each, and (iii) the percent that the principal amount of Notes owned represents of the outstanding principal amount.  The information set forth in the table is based upon information obtained by the Servicer from the Trustee and from The Depository Trust Company as of March 9, 2005.  The Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Name and Address                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Series 2003-1 Class A Noteholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|JPMorgan Chase Bank, N.A.
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Citibank, N.A.
3800 Citibank Center B3-15
Tampa, FL  33610                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|State Street Bank & Trust
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
No. Quincy, MA  02171                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Merrill Lynch, Pierce Fenner & Smith Safekeeping
4 Corporate Place
Piscataway, NJ  08854                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



|                                                                                                                                          | Amount OwnedAll dollar amounts are in thousands
|----------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------
|Name and Address                                                                                                                          | Principal                                      
|Series 2003-1 Class B NoteholdersState Street Bank & Trust
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
No. Quincy, MA  02171 | $11,550                                        
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                                                  | $5,000                                         
|Mellon Trust of New England, National Association
525 William Penn Place
Pittsburgh, PA  15259                                            | $11,250                                        
|Series 2003-1 Class C Noteholders                                                                                                         |                                                
|JPM/PRUDEN
Participant information unavailable
Contact The Depository Trust Company                                                       | $11,250                                        
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                                                  | $3,500                                         
|Citibank, N.A.
3800 Citibank Center B3-15
Tampa, FL  33610                                                                                | $3,500                                         
|Series 2003-2 Class A Noteholders                                                                                                         |                                                
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                                                  | $314,970                                       
|Mellon Trust of New England, National Association
525 William Penn Place
Pittsburgh, PA  15259                                            | $127,955                                       



|                                                                                                                   | Amount OwnedAll dollar amounts are in thousands
|------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------
|Name and Address                                                                                                   | Principal                                      
|Series 2003-2 Class A Noteholders                                                                                  |                                                
|State Street Bank and Trust Company
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
No. Quincy, MA  02171 | $64,615                                        
|SSB-Bank Portfolio
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
No. Quincy, MA  02171                  | $59,340                                        
|                                                                                                                   |                                                
|Series 2003-2 Class B Noteholders                                                                                  |                                                
|State Street Bank and Trust Company
1776 Heritage Drive
Global Corporate Action Unit JAB 5NM
No. Quincy, MA  02171 | $21,488                                        
|Merrill Lynch, Pierce Fenner & Smith Safekeeping
4 Corporate Place
Piscataway, NJ  08854                           | $6,704                                         
|Mellon Trust of New England, National Association
525 William Penn Place
Pittsburgh, PA  15259                     | $4,000                                         
|The Northern Trust Company
801 S. Canal C-IN
Chicago, IL  60607                                                    | $4,558                                         
|Series 2003-2 Class C Noteholders                                                                                  |                                                
|JPM/PRUDEN
Participant information unavailable
Contact The Depository Trust Company                                | $6,000                                         



|                                                                                                                   | Amount OwnedAll dollar amounts are in thousands
|------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------
|Name and Address                                                                                                   | Principal                                      
|Series 2003-2 Class C Noteholders                                                                                  |                                                
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                           | $3,000                                         
|Citibank, N.A.
3800 Citibank Center B3-15
Tampa, FL  33610                                                         | $3,000                                         
|Series 2003-3 Class A Noteholders                                                                                  |                                                
|State Street Bank and Trust Company
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
No. Quincy, MA  02171 | $283,899                                       
|UBS AG
677 Washington Blvd.
Stamford, CT  06901                                                                    | $155,000                                       
|The Bank of New York
One Wall Street
New York, NY  10286                                                           | $113,662                                       
|Citibank, N.A.
3800 Citibank Center B3-15
Tampa, FL  33610                                                         | $48,050                                        
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                           | $96,375                                        
|The Northern Trust Company
801 S. Canal C-IN
Chicago, IL  60607                                                    | $73,712                                        



|                                                                                                                                                                                                                                                                                                                                                                                   | Amount OwnedAll dollar amounts are in thousands                                                           
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------
|Name and Address                                                                                                                                                                                                                                                                                                                                                                   | Principal                                                                                                 
|Series 2003-3 Class A Noteholders                                                                                                                                                                                                                                                                                                                                                  |                                                                                                           
|Mellon Trust of New England, National Association
525 William Penn Place
Pittsburgh, PA  15259                                                                                                                                                                                                                                                                                     | $103,463                                                                                                  
|Series 2003-3 Class B Noteholders                                                                                                                                                                                                                                                                                                                                                  |                                                                                                           
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                                                                                                                                                                                                                                                                                           | $32,500                                                                                                   
|State Street Bank and Trust Company
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
No. Quincy, MA  02171                                                                                                                                                                                                                                                                 | $10,325                                                                                                   
|The Northern Trust Company
801 S. Canal C-IN
Chicago, IL  60607                                                                                                                                                                                                                                                                                                                    | $7,000                                                                                                    
|Citibank, N.A.
3800 Citibank Center B3-15
Tampa, FL  33610                                                                                                                                                                                                                                                                                                                         | $5,500                                                                                                    
|Mellon Trust of New England, National Association
525 William Penn Place
Pittsburgh, PA  15259                                                                                                                                                                                                                                                                                     | $4,000                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                           
|Series 2003-3 Class C Noteholders                                                                                                                                                                                                                                                                                                                                                  |                                                                                                           
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX  75254                                                                                                                                                                                                                                                                                           | $10,070                                                                                                   
|JPM/PRUDEN
Participant information unavailable
Contact The Depository Trust                                                                                                                                                                                                                                                                                                        | $8,500                                                                                                    
|United State Trust Company of New York
Proxy Department
Jersey City, NJ  07310                                                                                                                                                                                                                                                                                                     | $3,265                                                                                                    
|The Northern Trust Company
801 S. Canal C-IN
Chicago, IL  60607                                                                                                                                                                                                                                                                                                                    | $13,500                                                                                                   
|Item 13.  Certain Relationships and Related Transactions.                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                  
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                  
|Item 14.  Principal Accountant Fees and Services.                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                  
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                  
|PART IV                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                  
|Item 15.  Exhibits and Financial Statement Schedules.                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                  
|(a) (1)  Financial Statements.                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                  
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                  
|(a) (2)	Not Applicable.                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                  
|(3)  The Servicer is obligated to prepare an Annual Statement to Noteholders for the year ended December 31, 2004, and Independent Public Accountants are required to prepare an Annual Servicing Report pertaining to the compliance of the Servicer with its servicing obligations pursuant to the Agreement.  Copies of said documents are filed as exhibits to this Form 10-K.
|                                                                                                                                                                                                                                                                                                                                                                                  
|(b)  The exhibits required by Item 601 of Regulation S-K (Section 229.601):                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                  
|Exhibit 99(a)                                                                                                                                                                                                                                                                                                                                                                      | Annual Statement to Noteholders for the year ended December 31, 2004 for Series 2003-1 Asset Backed Notes.
|Exhibit 99(b)                                                                                                                                                                                                                                                                                                                                                                      | Annual Statement to Noteholders for the year ended December 31, 2004 for Series 2003-2 Asset Backed Notes.
|Exhibit 99(c)                                                                                                                                                                                                                                                                                                                                                                      | Annual Statement to Noteholders for the year ended December 31, 2004 for Series 2003-3 Asset Backed Notes.
|Exhibit 99(d)                                                                                                                                                                                                                                                                                                                                                                      | Independent Accountants' Report dated March 1, 2005 for Series 2003-1 Asset Backed Notes.                 
|Exhibit 99(e)                                                                                                                                                                                                                                                                                                                                                                      | Independent Accountants' Report dated March 1, 2005 for Series 2003-2 Asset Backed Notes.                 
|Exhibit 99(f)                                                                                                                                                                                                                                                                                                                                                                      | Independent Accountants' Report dated March 1, 2005 for Series 2003-3 Asset Backed Notes.                 
|Exhibit 99(g)                                                                                                                                                                                                                                                                                                                                                                      | Annual Servicer's Certificate dated March 1, 2005.                                                        



|                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SIGNATURES                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                    
|Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Servicer has duly caused this report to be signed on behalf of the Household Affinity Credit Card Master Note Trust I by the undersigned, thereunto duly authorized.
|                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                    
|Dated:  March 24, 2005                                                                                                                                                                                                                                              







Certification

I, Edgar D. Ancona, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Household Affinity Credit Card Master Note Trust I;
2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;
3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement for inclusion in these reports is included in these reports;
4. I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement,  and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and
5. The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: The Bank of New York and The Depository Trust Company.



Date:  March 24, 2005



/s/ Edgar D. Ancona

Edgar D. Ancona

Senior Vice President - Treasurer







|Exhibit Index              
|---------------------------
|                           
|Exhibit No. 

Exhibit 99(a)
|Exhibit 99(b)              
|Exhibit 99(c)              
|Exhibit 99(d)              
|Exhibit 99(e)              
|Exhibit 99(f)              
|Exhibit 99(g)