<PAGE>
 
<TABLE>
<S>                                                                <C>
                                                                   RULE 424(b)(2)
                                                                   REGISTRATION NO.
                                                                   333-24757
                                                                   PRICING SUPPLEMENT NO. 1
                                                                   DATED: APRIL 25, 1997
</TABLE>
 
                             NORDSTROM CREDIT, INC.
                          MEDIUM-TERM NOTES, SERIES E
                    DUE 9 MONTHS OR MORE FROM DATE OF ISSUE
                 INTEREST PAYABLE EACH APRIL 15 AND OCTOBER 15
 
<TABLE>
<CAPTION>
                                 INTEREST RATE
PRINCIPAL AMOUNT  MATURITY DATE    PER ANNUM
- ----------------  -------------  -------------
 
<S>               <C>            <C>
  $15,600,000         5/01/00           7.0%
 
  $76,750,000         4/30/02          7.25%
</TABLE>
 
                            ------------------------
 
                             Pricing Supplement to
                   Prospectus Supplement dated April 25, 1997
                      and Prospectus dated April 25, 1997



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