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,               1999     1998     1997     1996     1995
- ----------------------            -------  -------  -------  -------  -------
                                                       
Earnings before 
income taxes                      $47,572  $42,959  $47,024  $35,086  $32,045

Fixed charges 
  (interest cost)                  31,586   36,475   41,089   42,245   31,187
                                  -------  -------  -------  -------  -------

Earnings available for
  fixed charges                   $79,158  $79,434  $88,113  $77,331  $63,232
                                  =======  =======  =======  =======  =======

Ratio of earnings available
  for fixed charges to fixed
  charges                            2.51     2.18     2.14     1.83     2.03
                                  =======  =======  =======  =======  =======