Exhibit 12.1



                          NORDSTROM CREDIT, INC.
               Computation of Ratio of Earnings Available for
                        Fixed Charges to Fixed Charges
                           (Dollars in thousands)




Year ended January 31,               1996     1995     1994     1993     1992
- ----------------------            -------  -------  -------  -------  -------
                                                           
Earnings before 
income taxes                      $35,086  $32,045  $32,372  $29,321  $24,023

Fixed charges 
  (gross interest expense)         42,245   31,187   29,600   33,841   35,037
                                  -------  -------  -------  -------  -------

Earnings available for
  fixed charges                   $77,331  $63,232  $61,972  $63,162  $59,060
                                  =======  =======  =======  =======  =======

Ratio of earnings available
  for fixed charges to fixed
  charges                            1.83     2.03     2.09     1.87     1.69
                                  =======  =======  =======  =======  =======