SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549



  
                                    FORM 8-K

                                 CURRENT REPORT


                    Pursuant to Section 13 or 15(d) of the 
                       Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) January 12, 1998
                                                 ----------------


                     FORD MOTOR CREDIT COMPANY
      (Exact name of registrant as specified in its charter)

          Delaware                  1-6368              38-1612444
- -----------------------     -----------------------  -------------------
(State or other juris-      (Commission File Number   (IRS Employer
 diction of incorporation          Number)           Identification No.)

The American Road, Dearborn, Michigan                        48121
- ----------------------------------------                   ----------
(Address of principal executive offices)                   (Zip Code)


Registrant's telephone number, including area code 313-322-3000


<PAGE 2>
ITEM 5. Other Events.

     Ford Motor Credit Company, a Delaware corporation (the "Company"), has
registered Debt Securities ("Debt Securities") pursuant to Registration
Statement Nos. 33-64263 and 333-40477.  The Debt Securities were registered
on Form S-3 to be offered on a delayed or continuous basis pursuant to Rule
415 under the Securities Act of 1933.  The Company has created a series of
Debt Securities for issuance under an Indenture dated as of August 1, 1994,
between the Company and First Union National Bank (formerly First Fidelity
Bank, National Association) (the "Indenture") in the aggregate principal
amount of $1,000,000,000.  Such series has been designated as the Company's
6% Notes due January 14, 2003 (the "Notes").  The entire issue of the Notes
will be represented by five Global Securities, each in the aggregate
principal amount of $200,000,000 (the "Global Securities") except that in
certain circumstances as provided in such Indenture, the Global Securities
will be exchanged for Notes in definitive form (the "Definitive Notes"). 
Copies of the form of specimen Global Security and form of Definitive Note
are being filed as exhibits to this report.

ITEM 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

                              EXHIBITS

Designation       Description                         Method of Filing
- -----------       -----------                         ----------------
Exhibit 4.1       Form of specimen Global Security    Filed with this Report.
                  relating to Ford Motor Credit
                  Company's 6% Notes due
                  January 14, 2003.

Exhibit 4.2       Form of Definitive Note relating    Filed with this Report.
                  to Ford Motor Credit Company's
                  6% Notes due January 14, 2003.

Exhibit 8.1       Opinion of Shearman & Sterling.     Filed with this Report.
        
Exhibit 8.2       Opinion of Sullivan & Cromwell.     Filed with this Report.

Exhibit 23.1      Consent of Shearman & Sterling      Filed with this Report.
                  is contained in their opinion set
                  forth in Exhibit 8.1.

Exhibit 23.2      Consent of Sullivan & Cromwell      Filed with this Report.
                  is contained in their opinion set
                  forth in Exhibit 8.2.


<Page 3> 
                              SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the date indicated.


                                              FORD MOTOR CREDIT COMPANY
                                                     (Registrant)

                                                 
Date:  January 12, 1998                          By:/s/R. P. Conrad
                                                 -----------------
                                                    R. P. Conrad
                                                    Assistant Secretary


 

                                EXHIBIT INDEX

Designation                   Description               
- -----------                   -----------
Exhibit 4.1       Form of specimen Global Security    
                  relating to Ford Motor Credit
                  Company's 6% Notes due
                  January 14, 2003.

Exhibit 4.2       Form of Definitive Note relating     
                  to Ford Motor Credit Company's
                  6% Notes due January 14, 2003.

Exhibit 8.1       Opinion of Shearman & Sterling.      
        
Exhibit 8.2       Opinion of Sullivan & Cromwell.      

Exhibit 23.1      Consent of Shearman & Sterling       
                  is contained in their opinion set
                  forth in Exhibit 8.1.

Exhibit 23.2      Consent of Sullivan & Cromwell       
                  is contained in their opinion set
                  forth in Exhibit 8.2.