Pricing Supplement No. 58 Dated January 24, 1996
(To Prospectus and Prospectus Supplement 
Dated October 10, 1995)
                                                   Rule 424(b)(3)             
                                               Registration Statement
                                                   No. 33-55945


                      U.S.$4,000,000,000

                 FORD MOTOR CREDIT COMPANY

            Medium-Term Notes Due from 9 Months
               to 30 Years from Date of Issue

            Ford Motor Credit Company ("Ford Credit") has designated
$50,000,000 aggregate principal amount of its Medium-Term Notes Due from 9
Months to 30 Years from Date of Issue having specific terms set forth below. 
Sutter Securities, Incorporated have agreed to purchase the Notes at a price
of 99.86% of their principal amount for resale at an initial public offering
price of 100% of their principal amount.  After the initial public offering,
the offering price may be changed.  


Issue Date:              January 29, 1996

Principal Amount:        $50,000,000

Interest Rate Basis:     LIBOR having an Index Maturity of three months 
                         plus 25 basis points
   
Interest Reset Dates:    Quarterly on January 29, April 29, July 29 and
                         October 29, commencing April 29, 1996
                          
                         
Interest Payment Dates:  The 29th day of the months of January, April, July
                         and October, commencing April 29, 1996 
 
Stated Maturity:         January 29, 2001

Reference Agent:         Chemical Bank 




                       SUTTER SECURITIES, INCORPORATED



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