FORD MOTOR CREDIT CO
424B3, 1998-07-21
PERSONAL CREDIT INSTITUTIONS
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<PAGE>   1

PROSPECTUS Dated                                       Pricing Supplement No. 15
April 1, 1998                                          Effective July 20, 1998



                             U.S. $1,000,000,000            Rule 424 (b)(3)
                                                        Registration Statement
                          FORD MOTOR CREDIT COMPANY          No. 333-45015

                        VARIABLE DENOMINATION FLOATING
                              RATE DEMAND NOTES


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


                           Interest Rate Per Annum
                           - - - - - - - - - - - -


<TABLE>
<CAPTION>
Period          Tier One Notes          Tier Two Notes          Tier Three Notes
Beginning       Under $15,000           $15,000-$49,999         $50,000 and over
- ---------       -------------           ---------------         ----------------
<S>                 <C>                     <C>                     <C>
7/20/98             5.24%                    5.44%                    5.64%

</TABLE>



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