FORD MOTOR CREDIT CO
424B3, 1996-10-07
PERSONAL CREDIT INSTITUTIONS
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PROSPECTUS Dated                     Pricing Supplement No. 23
March 1, 1996                        Effective October 7, 1996




                   U.S. $1,000,000,000        Rule 424(b)(3)
                                          Registration Statement
                FORD MOTOR CREDIT COMPANY     No. 33-62973   

              VARIABLE DENOMINATION FLOATING
                    RATE DEMAND NOTES


                    ------------------


                          Interest Rate Per Annun
                         -------------------------

Period        Tier One Notes   Tier Two Notes    Tier Three Notes
Beginning     Under $15,000    $15,000-$49,999   $50,000 and over
- ---------     --------------   ---------------   ----------------

10/07/96          5.11%             5.31%             5.50%      



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