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 16, 1998
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 16, 1998 pursuant to Section 3.04(b)
of the Pooling and Servicing Agreement dated
as of December 1, 1995 (the "Pooling and
Servicing Agreement") among HFC Card Funding
Corporation (as Assignee of 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 Household Credit Card Master Trust I 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 25, 1998
- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
4
99(a) Monthly Servicing Report to Trustee dated November 16, 1998
pursuant to Section 3.04(b) of the Pooling and Servicing
Agreement dated as of December 1, 1995 (the "Pooling and
Servicing Agreement") among HFC Card Funding Corporation (as
Assignee of 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 -
HOUSEHOLD FINANCE CORPORATION
HFC CARD FUNDING CORPORATION
HOUSEHOLD CREDIT CARD MASTER TRUST 1
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 HFC 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 16, 1998
5. Trust Information.
(a) The aggregate amount of Collections processed for the Due
Period preceding such Distribution Date was equal to
.................................................$279,614,714.45
(b) The aggregate amount of such Collections with respect to
Principal Receivables for the Due Period preceding such
Distribution Date was equal to ..................$222,892,049.50
(i) The total payment rate, [ ( (b) + (c)(ii) + (c)(iii) )
/ (f) ], is ............................................10.325%
(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 ....$56,722,664.95
(i) The gross cash yield, [ ((ii)+(iii)+(iv)+(v)) * 12 /
(f) ], is ..............................................24.846%
(ii) The amount of such aggregate with respect to Finance
Charge was equal to...............................$45,767,329.88
(iii)The amount of such aggregate with respect to Fees was
equal to ..........................................$6,822,955.05
(iv) The amount of such aggregate with respect to
Interchange was equal to ..........................$2,349,874.02
(v) The amount of such aggregate with respect to Other
Recoveries was equal to .............................$303,026.00
(vi) The amount of such aggregate with respect to Principal
Recoveries was equal to ...........................$1,479,480.00
(d) The Gross Defaulted Amount for the preceding Due Period is
..................................................$23,554,535.28
(i) The annualized default rate, (d) *12 / (f), is 10.594%
(ii) The annualized net default rate, [(d)-(c)(vi)] *12 /
(f), is ..................................................9.928%
(e) The Portfolio Yield for such Distribution Date [c(i) -
d(ii)] ..................................................14.918%
(f) The total amount of Principal Receivables in the Trust at
the beginning of the preceding Due Period or, if there were
Additions or Removals during the Due Period, the average balance
for such Due Period is equal to ...............$2,668,101,196.94
(g) The total amount of Principal Receivables as of the last day
of the immediately preceding Due Period is ....$2,602,391,028.06
(h) The total amount of Principal Receivables in the Trust at
the beginning of the preceding Due Period .....$2,668,101,196.94
(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 (excludes discount option)
..................................................$74,505,092.94
(j) The aggregate outstanding gross 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 ..................$164,221,034.04
(k) The aggregate outstanding gross balance of the Accounts
which were two payments (30-59 days) delinquent as of the close
of business on the last day of the calendar month preceding such
Distribution Date was equal to ...................$51,963,727.61
(l) The aggregate outstanding gross 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 .............$121,616,248.05
(m) The aggregate amount of Trust Excess Principal Collections
for such Distribution Date is ...................$158,344,792.36
(n) The aggregate amount of Principal Shortfalls for such
Distribution Date is ............................$157,730,944.19
(o) The Discount Option Date ......................June 1, 1997
(p) The Discount Percentage .............................3.000%
(q) The Total Amount of Discount Option Receivables at the
beginning of the preceding Due Period is equal to
..................................................$82,518,593.72
(r) Discount Option Receivable Collections is ....$6,893,568.54
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
.........................................................5.716%
(b) Group One Total Investor Collections is equal to
................................................$209,598,282.68
(c) Group One Investor Principal Collections is equal to
................................................$167,079,157.08
(d) Group One Investor Finance Charge and Administrative
Collections is equal to..........................$42,519,125.60
(e) Group One Investor Additional Amounts is equal to ...$0.00
(f) Group One Investor Default Amount is equal to
.................................................$17,656,403.22
(g) Group One Investor Monthly Fees is equal to..$3,333,333.33
(h) Group One Investor Monthly Interest is equal to
..................................................$10,162,572.53
7. Series 1995-1 Information
(a) The Series Adjusted Portfolio Yield for the Due Period
preceding such Distribution Date was equal to ...........14.918%
(b) The Series 1995-1 Allocation Percentage with respect to the
Due Period preceding such Distribution Date was equal to
.........................................................89.933%
(c) The Floating Allocation Percentage for the Due Period
preceding such Distribution Date was equal to ...........83.350%
(d) The aggregate amount of Reallocated Finance Charge and
Administrative Collections for the Due Period preceding such
Distribution Date is equal to.....................$42,519,125.60
(e) The Floating Allocation Percentage of Series Allocable
Finance Charge and Administrative Collections for the Due Period
preceding such Distribution Date is equal to .....$42,519,125.60
(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 .....$0.750
(h) The Class A Invested Percentage of the amount set forth in
Item 7(d) above was equal to .....................$31,889,344.20
(i) The amount of Class A Monthly Interest for such Distribution
Date is equal to ..................................$7,438,120.00
(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 .................................$13,242,302.41
(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 .......................$4,555,626.67
(s) The amount of Class B Monthly Interest for such Distribution
Date is equal to ..................................$1,096,875.75
(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 .......................................$1,891,760.01
(x) The Collateral Invested Percentage of the amount set forth
in Item 7(d) above is equal to ....................$6,074,154.73
(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
..................................................$17,408,494.10
(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 ......$1,891,760.01
(v) to reimburse certain previous reductions in the Class
B Invested Amount .............................$0.00
(vi) to pay the Collateral Monthly Interest for such
Distribution Date equal to ............$1,627,576.79
(vii)to pay any portion of the Allocable Servicing Fee
not paid pursuant to clause (i) above .........$0.00
(viii)to fund the Collateral Investor Default Amount
with respect to such Distribution Date ..$2,522,340.79
(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 ....$41,769,789.27
(dd) The Principal Allocation Percentage is equal to ......83.35%
(ee) The total amount of Class A Certificates exchanged on such
Distribution Date ...........................$800,000,000.00
(ff) The totals amount of Class B Certificates exchanged on such
Distribution Date...........................................$0.00
(gg) The total amount to be distributed to Class A
Certificateholders on such Distribution Date in payment of
principal is equal to .....................................$0.00
(hh) The total amount to be distributed to Class B
Certificateholders on such Distribution Date in payment of
principal is equal to .....................................$0.00
(ii) The amount of Class A Investor Charge-Offs for such
Distribution Date is equal to .............................$0.00
(jj) The total amount of reimbursements of Class A Investor
Charge-Offs for such Distribution Date is equal to ........$0.00
(kk) 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
(ll) The total amount of reimbursements of Class B Investor
Charge-Offs for such Distribution Date is equal to ........$0.00
(mm) 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 be equal to
.................................................$700,000,000.00
(nn) 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 be equal to
.................................................$214,286,000.00
(oo) 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
(pp) 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
(qq) 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 .....................133.333%
(rr) 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
Dates is equal to ................................$21,529,389.05
9. The total amount to be allocated according to the terms of
the Collateral Agreement on such Distribution Date is equal to
..................................................$12,994,393.30
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, 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. 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 ............$0.00
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 amounts 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 this Certificate this 16th day of November, 1998.
HOUSEHOLD FINANCE CORPORATION
as Servicer,
By: _______________________________
Name: Steven H. Smith
Title: Servicing Officer
Household Finance Corporation
HFC Card Funding Corporation October 1998
Household Credit Card Master Trust I , Series 1995-1
Nov 16, 1998
CLASS A CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest $4.958746667
2. Principal distribution per $1,000 interest $0.000000000
3. Interest distribution per $1,000 interest $4.958746667
B. Calculation of Class A Interest
1. Calculation of Class A Certificate Rate
(a) One-month LIBOR 5.41%
(b) Spread 0.17%
(c) Class A Certificate Rate 5.58%
2. Beginning Principal Amount $1,500,000,000.00
3. Days in Interest Period 32
C. Performance of Trust
1. Collections of Receivables
(a) Total Collections $279,614,714.45
(b) Collections of Finance Charge
and Administrative Receivables $56,722,664.95
(c) Collections of Principal $222,892,049.50
2. Allocation of Receivables
(a) Class A Invested Percentage 75.00%
(b) Principal Allocation Percentage 83.35%
3. Delinquent Balances
(a) Delinquent 5 - 29 days $164,221,034.04
5.96%
(b) Delinquent 30 - 59 days $51,963,727.61
1.88%
(c) Delinquent 60+ days $121,616,248.05
4.41%
4. Class A Investor Default Amount $13,242,302.41
5. Class A Investor Charge-offs; Reimbursement of
Charge-offs
(a) Class A Investor Charge-offs, if any, for the
Distribution Date $0.000000000
(b) The amount of Item 5.(a) per $1,000 interest
$0.000000000
(c) Total reimbursed to Trust in respect of Class A
Investor Charge-offs $0.000000000
(d) The amount of Item 5.(c) per $1,000 interest
$0.000000000
(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 $0.000000000
6. Allocable Servicing Fee paid for
the Distribution Date $3,333,333.33
7. Deficit Controlled Amortization Amount
for the Distribution Date $0.000000000
8. Discount Option Date $35,582.000000000
9. Discount Percentage 3.00%
D. Class A Pool Factor $0.466666667
E. Receivables Balances
1. Principal Receivables as of the last day of the preceding
Due Period $2,602,391,028.06
2. Finance Charge and Administrative Receivables as of the
last day of the preceding Due Period $74,505,092.94
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
Household Finance Corporation
HFC Card Funding Corporation
Household Credit Card Master Trust I , Series 1995-1
CLASS B CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest $5.118746667
2. Principal distribution per $1,000 interest $0.000000000
3. Interest distribution per $1,000 interest $5.118746667
B. Calculation of Class B Interest
1. Calculation of Class B Certificate Rate
(a) One-month LIBOR 5.41%
(b) Spread 0.35%
(c) Class B Certificate Rate 5.76%
2. Beginning Invested Amount $214,286,000.00
3. Days in Interest Period 32
C. Performance of Trust
1. Collections of Receivables
(a) Total Collections $279,614,714.45
(b) Collections of Finance Charge
and Administrative Receivables $56,722,664.95
(c) Collections of Principal $222,892,049.50
2. Allocation of Receivables
(a) Class B Invested Percentage 10.71%
(b) Principal Allocation Percentage 83.35%
3. Delinquent Balances
(a) Delinquent 5 - 29 days $164,221,034.04
5.96%
(b) Delinquent 30 - 59 days $51,963,727.61
1.88%
(c) Delinquent 60+ days $121,616,248.05
4.41%
4. Class B Investor Default Amount $1,891,760.01
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
9. Discount Option Date June 1, 1997
10. Discount Percentage 3.00%
D. Class B Pool Factor $1.000000000
E. Receivables Balances
1. Principal Receivables as of the last day
of the preceding Due Period $2,602,391,028.06
2. Finance Charge and Administrative Receivables
as of the last day of the preceding
Due Period $74,505,092.94
