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,               1998     1997     1996     1995     1994
- ----------------------            -------  -------  -------  -------  -------
                                                           
Earnings before 
income taxes                      $42,959  $47,024  $35,086  $32,045  $32,372

Fixed charges 
  (gross interest expense)         36,475   41,089   42,245   31,187   29,600
                                  -------  -------  -------  -------  -------

Earnings available for
  fixed charges                   $79,434  $88,113  $77,331  $63,232  $61,972
                                  =======  =======  =======  =======  =======

Ratio of earnings available
  for fixed charges to fixed
  charges                            2.18     2.14     1.83     2.03     2.09
                                  =======  =======  =======  =======  =======