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 November 15, 1996
HOUSEHOLD CREDIT CARD MASTER TRUST I
(Exact name of registrant as specified in Department of the
Treasury, Internal Revenue Service Form SS-4)
HOUSEHOLD FINANCE CORPORATION
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)
Delaware 33-97296 Not Applicable
(State or other juris- (Commission File Number (IRS Employer
diction of incorporation of Registrant) Identification
of Master Servicer) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
(Address of principal executive offices of (Zip Code)
Master Servicer)
Servicer's telephone number, including area code 847/564-5000
Exhibit Index appears on page 3 <PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99(a) Monthly Servicing Report to Trustee dated
November 15, 1996 pursuant to Section 3.04(b)
of the Pooling and Servicing Agreement dated
as of December 1, 1995 (the "Pooling and
Servicing Agreement") among Household Card
Funding Corporation, as Transferor, Household
Finance Corporation, as Servicer, and The
Bank of New York, as Trustee, with respect to
the Class A and Class B Credit Card
Participation Certificates, Series 1995-1.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Servicer has duly caused this report to be signed on
behalf of the Private Label Credit Card Master Trust II by the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Servicer of and on behalf of the
HOUSEHOLD CREDIT CARD MASTER TRUST I
(Registrant)
By: /s/ J. W. Blenke
J. W. Blenke, Authorized Representative
Dated: November 20, 1996
- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
4
99(a) Monthly Servicing Report to Trustee dated November 15, 1996
pursuant to Section 3.04(b) of the Pooling and Servicing
Agreement dated as of December 1, 1995 (the "Pooling and
Servicing Agreement") among Household Card Funding
Corporation, as Transferor, Household Finance Corporation,
as Servicer, and The Bank of New York, as Trustee, with
respect to the Class A and Class B Credit Card Participation
Certificates, Series 1995-1.
- 3 -
MONTHLY SERVICER'S CERTIFICATE
(Delivered pursuant to subsection 3.04(b)
of the Pooling and Servicing Agreement
HOUSEHOLD FINANCE CORPORATION
HOUSEHOLD CARD FUNDING CORPORATION
HOUSEHOLD CREDIT CARD MASTER TRUST I
"Class A and Class B Certificates, Series 1995-1"
The undersigned, a duly authorized representative of
Household Finance Corporation, as Servicer (the ""Servicer""),
pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 1995 (the ""Pooling and Servicing Agreement""), by and
among Household Card Funding Corporation, as Transferor, the
Servicer, and The Bank of New York, as Trustee, does hereby certify
with respect to the information set forth below as follows:
1. Capitalized terms used in this Certificate shall have the
respective meanings set forth in the Pooling and Servicing
Agreement.
2. Household Finance Corporation is, as of the date hereof,
the Servicer under the Pooling and Servicing Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occurring
on November 15, 1996.
5. Trust Information.
(a) The aggregate amount of Collections processed for the Due
Period preceding such Distribution Date was equal to
....................................... $293,283,877.67
(b) The aggregate amount of such Collections with respect to
Principal Receivables for the Due Period preceding such
Distribution Date was equal to...................................
.............................. $244,781,246.97
(i) "The payment rate, [ ( (b) + (c)(ii) + (c)(iii) )
/ (f) ], is ..............9.123%
(c) The aggregate amount of such Collections with respect to
Finance Charge and Administrative Receivables for the Due Period
preceding such Distribution Date was equal to.. $48,502,630.70
(i) "The gross cash yield, [ (c) * 12 / (f) ], is
...................................... 18.345%
(ii) The amount of such aggregate with respect to
Finance Charge was equal to ............... $41,021,970.65
(iii) The amount of such aggregate with respect to Fees
was equal to ... $3,651,289.85
(iv) The amount of such aggregate with respect to
Interchange was equal to .. $2,648,335.00
(v) The amount of such aggregate with respect to
Recoveries was equal to .. $1,181,035.20
(d) The Defaulted Amount for the preceding Due Period is
.......................... $17,306,932.40
(i) "The annualized default rate, (d) *12 / (f), is
...................................... 6.546%
(e) The Portfolio Yield for such Distribution Date
...................................... 11.799%
(f) The total amount of Principal Receivables in the Trust at
the beginning of the immediately preceding Due Period, October 1,
is .............................. $3,172,680,120.01
(g) The total amount of Principal Receivables as of the last
day of the immediately preceding Due Period, October 31, is
.................................. $3,126,792,804.69
(h) The average amount of Principal Receivables in the Trust
during the preceding Due Period (the sum of the amounts in clause
(e) and the amount in clause (g) divided by 2) is equal to
................................ $3,149,736,462.35
(i) The total amount of Finance Charge and Administrative
Receivables in the Trust as of the last day of the immediately
preceding Due Period is ......... $50,719,428.15
(j) The aggregate outstanding balance of the Accounts which
were one payment (5-29 days) delinquent as of the close of
business on the last day of the calendar month preceding such
Distribution Date was equal to ....... $177,861,872.09
(k) The aggregate outstanding balance of the Accounts which
were two payments (30-59 days) delinquent as of the close of
business on the the last day of the calendar month preceding such
Distribution Date was equal to........ $63,166,629.28
(l) The aggregate outstanding balance of the Accounts which
were three or more payments (60+ days) delinquent as of the close
of business on the last day of the calendar month preceding such
Distribution Date was equal to..........$113,230,778.06
(m) The aggregate amount of Trust Excess Principal Collections
for such Distribution Date is....... $244,781,246.97
(n) The aggregate amount of Principal Shortfalls for such
Distribution Date is ........... $ 0.00
6. Group One Information
(a) The Average Rate for Group One (the weighted average
Certificate Rate reduced to take into account any payments made
pursuant to interest rate agreements, if any ) is equal to
............................ 5.6946%
(b) Group One Total Investor Collections is equal to
............................. $184,880,836.75
(c) Group One Investor Principal Collections is equal
to.......................... $154,305,658.13
(d) Group One Investor Finance Charge and Administrative
Collections equal to............. $30,575,178.63
(e) Group One Investor Additional Amounts is equal to
................................ $0.00
(f) Group One Investor Default Amount is equal to
................................. $10,909,976.26
(g) Group One Investor Monthly Fees is equal to
.............................. $3,333,333.33
(h) Group One Investor Monthly Interest is equal
to........................... $9,807,327.14
7. Series 1995-1 Information
(a) The Series Adjusted Portfolio Yield for the Due Period
preceding such Distribution Date was equal to
.............................. 11.80%
(b) The Series 1995-1 Allocation Percentage with respect to the
Due Period preceding such Distribution Date was equal to
.............................. 73.03%
(c) The Floating Allocation Percentage for the Due Period
preceding such Distribution Date was equal to
....................................... 86.32%
(d) The aggregate amount of Reallocated Finance Charge and
Administrative Collections for the Due Period preceding such
Distribution Date is equal to.......... $30,575,178.63
(e) The Floating Allocation Percentage of Series Allocable
Finance Charge and Administrative Collections for the Due Period
preceding such Distribution Date is equal to..................
....................................... $30,575,178.63
(f) Class A Invested Amount.......$1,500,000,000.00
(g) The Class A Invested Percentage with respect to the Due
Period preceding such Distribution Date was equal to
.................................. 75.00%
(h) The Class A Invested Percentage of the amount set forth in
Item 7(d) above was equal to............$22,931,383.97
(i) The amount of Class A Monthly Interest for such
Distribution Date is equal to........ $7,177,430.00
(j) The amount of any Class A Monthly Interest previously due
but not distributed on a prior Distribution Date is equal to
.................................... $0.00
(k) The amount of Class A Additional Interest for such
Distribution Date is equal to ........ $0.00
(l) The amount of any Class A Additional Interest previously
due but not distributed on a prior Distribution Date is equal
to.................................... $0.00
(m) The Class A Investor Default Amount for such Distribution
Date is equal to ........ $8,182,482.20
(n) The Allocable Servicing Fee for such Distribution Date is
equal to............ $3,333,333.33
(o) "The Class A Required Amount, if any, with respect to such
Distribution Date is equal to ....... $0.00
(p) Class B Invested Amount...... $214,286,000.00
(q) The Class B Invested Percentage for the Due Period
preceding such Distribution Date was equal
to.................................... 10.71%
(r) The Class B Invested Percentage of the amount set forth in
Item 7(d) above is equal to.......... $3,275,916.36
(s) The amount of Class B Monthly Interest for such
Distribution Date is equal to........ $1,058,562.84
(t) The amount of any Class B Monthly Interest previously due
but not distributed on a prior Distribution Date is equal
to.................................... $0.00
(u) The amount of Class B Additional Interest for such
Distribution Date is equal to....... $0.00
(v) The amount of any Class B Additional Interest previously
due but not distributed on a prior Distribution Date is equal
to.................................... $0.00
(w) Class B Investor Default Amount for such Distribution Date
is equal to.......................... $1,168,927.59
(x) The Collateral Invested Percentage of the amount set forth
in Item 7(d) above is equal to....... $4,367,878.29
(y) The Series 1995-1 Principal Shortfall for such Distribution
Date is equal to...................... $0.00
(z) The Series 1995-1 Excess Principal Collections is equal
to..................................... $0.00
(aa) The amount of Excess Finance Charge and Administrative
Collections with respect to such Distribution Date is equal
to................................... $10,823,370.26
(bb) The amount of Excess Finance Charge and Administrative
Collections referred to in Item 7(aa) will be available to be
distributed on such Distribution Date to fund or reimburse the
following items:
(i) to fund the Class A Required Amount, if any, with
respect to such Distribution Date.... $0.00
(ii) to reimburse Class A Investor
Charge-Offs......................... $0.00
(iii) to pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative Excess
Interest Amount.............. $0.00
(iv) to fund the Class B Investor Default Amount with
respect to such Distribution Date.......$1,168,927.59
(v) to reimburse certain previous reductions in the
Class B Invested Amount............. $0.00
(vi) to pay any portion of the Allocable Servicing Fee
not paid pursuant to clause (i) above....... $0.00
(vii) to pay the Collateral Monthly Interest for such
Distribution Date equal to............ $1,571,334.30
(viii) to fund the Collateral Investor Default Amount
with respect to such Distribution
Date.................................. $1,558,566.48
(ix) to make any required deposit in the Cash
Collateral Account.... $0.00
(cc) The amount of Subordinated Principal Collections with
respect to such Distribution Date is equal to...................
$45,596,795.06
(dd) The Principal Allocation Percentage is equal
to........................ 86.32%
(ee) The total amount to be distributed to Class A
Certificateholders on such Distribution Date in payment of
principal is equal to................ $0.00
(ff) The total amount to be distributed to Class B
Certificateholders on such Distribution Date in payment of
principal is equal to................ FALSE
(gg) The amount of Class A Investor Charge-Offs for such
Distribution Date is equal to........... $0.00
(hh) The total amount of reimbursements of Class A Investor
Charge-Offs for such Distribution Date is equal to...$0.00
(ii) The amount of Class B Investor Charge-Offs and other
reductions in the Class B Invested Amount for such Distribution
Date is equal to.......... $0.00
(jj) The total amount of reimbursements of Class B Investor
Charge-Offs for such Distribution Date is equal to...$0.00
(kk) The Class A Invested Amount at the close of business on
such Distribution Date (after giving effect to all payments and
adjustments on such Distribution Date) will equal to..........
$1,500,000,000.00
(ll) The Class B Invested Amount at the close of business on
such Distribution Date (after giving effect to all payments and
adjustments on such Distribution Date) will equal to..........
$214,286,000.00
(mm) The Available Collateral Amount as of the close of business
on the preceding Distribution Date (after giving effect to any
withdrawal from the Collateral Account) was equal to........
$285,714,000.00
(nn) The Required Collateral Amount as of the close of business
on such Distribution Date, after giving effect to any withdrawal
from the Collateral Account and payments to the Collateral Interest
Holder on such Distribution Date, will be equal
to...................................... $285,714,000.00
(oo) The ratio of the Required Collateral Amount to the Class B
Invested Amount as of the close of business on such Distribution
Date, after giving effect to any withdrawal from the Collateral
Account and payments to the Collateral Interest Holder on such
Distribution Date, will be equal to................. 1.33
(pp) The Cumulative Excess Interest Amount as of the close of
business on such Distribution Date, after giving effect to any
payments of interest to Class B Certificateholders on such
Distribution Date, will be equal to............. $0.00
8. Total amount to be on deposit in the Collection Account
(after giving effect to allocations required to be made pursuant to
the terms of all other Series now outstanding and to the payment of
the Servicer's fee and funding of investor default amounts) prior
to making distributions on such Distribution Date is equal
to..................... $30,575,178.63
9. The total amount to be allocated according to the terms of
the Collateral Agreement on such Distribution Date is equal to
......................................... $6,524,541.89
10. Total amount to be distributed from the Collection Account
to the Servicer in respect of the unpaid Allocable Servicing Fee
for the preceding Due Period on such Distribution Date (after
taking into consideration the amounts which have been netted with
respect to this Series against deposits to the Collection Account)
is equal to.................... $0.00
11. As of the date hereof, to the best knowledge of the
undersigned, (a) the Servicer has performed in all material
respects all its obligations under the Pooling and Servicing
Agreement through the Due Period preceding such Distribution Date
or, if there has been a default in the performance of any such
obligation, set forth in detail the (i) nature of such default,
(ii) the action taken by the Transferor and Servicer, if any, to
remedy such default and (iii) the current status of each such
default; if applicable, insert ""None"".
12. As of the date hereof, to the best knowledge of the
undersigned, no Amortization Event has been deemed to have occurred
on or prior to such Distribution Date.
13. As of the date hereof, to the best knowledge of the
undersigned, no Lien has been placed on any of the Receivables
other than pursuant to the Pooling and Servicing Agreement (or, if
there is a Lien, such Lien consists of _______________).
14. The amount specified to be deposited into and withdrawn
from the Collection Account, as well as the amounts specified to be
paid to the Transferor, the Servicer, the Interest Holder and the
Certificateholders are all in accordance with the requirements of
the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered thisv Certificate this 15th day of November, 1996.
HOUSEHOLD FINANCE CORPORATION
as Servicer,
By: _______________________________
Name: Steven H. Smith
Title: Servicing Officer
<PAGE>
Household Finance Corporation
Household Card Funding Corp. October 1996
Household Credit Card Master Trust I , Series 1995-1 Nov 15, 1996
CLASS A CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest $4.784953333
2. Principal distribution per $1,000 interest $0.00
3. Interest distribution per $1,000 interest $4.784953333
B. Calculation of Class A Interest
1. Calculation of Class A Certificate Rate
(a) One-month LIBOR 5.386720000%
(b) Spread 0.1700%
(c) Class A Certificate Rate 5.556720000%
2. Beginning Invested Amount $1,500,000,000.00
3. Days in Interest Period 31
C. Performance of Trust
1. Collections of Receivables
(a) Total Collections $293,283,877.67
(b) Collections of Finance Charge and Administrative Receivables
$48,502,630.70
(c) Collections of Principal $244,781,246.97
2. Allocation of Receivables
(a) Class A Invested Percentage 75.00%
(b) Principal Allocation Percentage 86.32%
3. Delinquent Balances
(a) Delinquent 5 - 29 days $177,861,872.09
5.69%
(b) Delinquent 30 - 59 days $63,166,629.28
2.02%
(c) Delinquent 60+ days $113,230,778.06
3.62%
4. Class A Investor Default Amount $8,182,482.20
5. Class A Investor Charge-offs; Reimbursement of Charge-offs
(a) Class A Investor Charge-offs, if any, for the Distribution
Date $0.00
(b) The amount of Item 5.(a) per $1,000 interest $0.00
(c) Total reimbursed to Trust in respect of Class A Investor
Charge-offs $0.00
(d) The amount of Item 5.(c) per $1,000 interest $0.00
(e) The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the class A
Invested Amount as of the end of the Distribution Date
$0.00
6. Allocable Servicing Fee paid for the Distribution Date
$3,333,333.33
7. Deficit Controlled Amortization Amount for the Distribution Date
$0.00
D. Class A Pool Factor 1.00000000
E. Receivables Balances
1. Principal Receivables as of the last day of the preceding Due
Period $3,126,792,804.69
2. Finance Charge and Administrative Receivables as of the last day
of the preceding Due Period $50,719,428.15
F. Class B Certificates
1. Class B Invested Amount as of the end of the Distribution Date
$214,286,000.00
2. Available Collateral Invested Amount as of the end of the
Distribution Date $285,714,000.00
<PAGE>
Household Finance Corporation
Household Card Funding Corp. October 1996
Household Credit Card Master Trust I , Series 1995-1 Nov 15, 1996
CLASS B CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest $4.939953333
2. Principal distribution per $1,000 interest $0.00
3. Interest distribution per $1,000 interest $4.939953333
B. Calculation of Class B Interest
1. Calculation of Class B Certificate Rate
(a) One-month LIBOR 5.386720000%
(b) Spread 0.3500%
(c) Class B Certificate Rate 5.736720000%
2. Beginning Invested Amount $214,286,000.00
3. Days in Interest Period 31
C. Performance of Trust
1. Collections of Receivables
(a) Total Collections $293,283,877.67
(b) Collections of Finance Charge and Administrative Receivables
$48,502,630.70
(c) Collections of Principal $244,781,246.97
2. Allocation of Receivables
(a) Class B Invested Percentage 10.71%
(b) Principal Allocation Percentage 86.32%
3. Delinquent Balances
(a) Delinquent 5 - 29 days $177,861,872.09
5.69%
(b) Delinquent 30 - 59 days $63,166,629.28
2.02%
(c) Delinquent 60+ days $113,230,778.06
3.62%
4. Class B Investor Default Amount $1,168,927.59
5. Class B Investor Charge-offs; Reimbursement of Charge-offs
(a) Class B Investor Charge-offs, if any, for the Distribution Date
$0.00
(b) The amount of Item 5.(a) per $1,000 interest $0.00
(c) Total reimbursed to Trust in respect of Class B Investor
Charge-offs $0.00
(d) The amount of Item 5.(c) per $1,000 interest $0.00
(e) The amount, if any, by which the outstanding principal balance
of the Class B Certificates exceeds the Class B Invested Amount
as of the end of the Distribution Date $0.00
6. Available Cash Collateral Amount
(a) Available Cash Collateral Amount at the end of the Distribution
Date $0.00
(b) Available Cash Collateral Amount as a percent of the Class B
Invested Amount, each at the end of the Distribution Date 0.00%
7. Available Collateral Invested Amount $285,714,000.00
8. Deficit Controlled Amortization Amount for the Distribution Date
$0.00
D. Class B Pool Factor 1.00000000
E. Receivables Balances
1. Principal Receivables as of the last day of the preceding Due
Period $3,126,792,804.69
2. Finance Charge and Administrative Receivables as of the last day
of the preceding Due Period $50,719,428.15
