<PAGE>
                                            RULE 424(b)(2)
                                            REGISTRATION NO. 33-55905
                                            PRICING SUPPLEMENT NO. 1
                                            DATED: SEPTEMBER 4, 1996
 
                             NORDSTROM CREDIT, INC.
 
                          MEDIUM-TERM NOTES, SERIES D
 
                    DUE 9 MONTHS OR MORE FROM DATE OF ISSUE
                INTEREST PAYABLE EACH MARCH 15 AND SEPTEMBER 15
 
<TABLE>
<CAPTION>
                                                                   INTEREST RATE
PRINCIPAL AMOUNT                   MATURITY DATE                     PER ANNUM
- ----------------                   -------------                   -------------
 
<S>                                <C>                             <C>
  $29,000,000                         9/15/99                         6.875%
 
  $29,000,000                         9/15/99                         6.875%
</TABLE>
 
                            ------------------------
 
                             Pricing Supplement to
                 Prospectus Supplement dated September 4, 1996
                     and Prospectus dated October 14, 1994



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