UNITED STATES
             SECURITIES AND EXCHANGE COMMISSION
                   WASHINGTON, D.C. 20549

                          FORM 8-K

   CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
              SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)     January
                          21, 1999

                   IBM CREDIT CORPORATION
     _________________________________________________
     (Exact Name of Registrant as Specified in Charter)


       Delaware                  1-8175           22-2351962
____________________________  _____________  _____________________
(State or Other Jurisdiction  (Commission     (IRS Employer
   of Incorporation)           File Number)    Identification No.)

      North Castle Crive, MS NCA-306
             Armonk, New York                   10504-1785
__________________________________________      ___________
  (Address of Principal Executive Offices)       (Zip Code)

Registrant's telephone number, including area code (914)765-1900

                       Not Applicable
_____________________________________________________________
   (Former Name or Former Address, if changed Since Last
                          Report)



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Item 5.  Other Events

The Registrant's press release dated January 21, 1999, regarding its
financial results and selected balance sheet information as of and for
for the period ended December 31, 1998, is attached.

                         SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duty authorized.


                                         IBM CREDIT CORPORATION
                                             (Registrant)

                                     By:

                                        ______________________________
                                        Name:  Michael J. Twomey
Date:  January 25, 1999                 Title: Controller and Treasurer



FOR IMMEDIATE RELEASE



                                       Contact:  Terrence Marable
                                                 IBM Credit Corporation
                                                 (914) 765-6647
                                                 tmarable@us.ibm.com

IBM CREDIT CORPORATION ANNOUNCES 1998 FINANCIAL RESULTS

NORTH   CASTLE,   NY,   January  21,  1999  ...  IBM  Credit
Corporation today  reported  1998  net  earnings  of  $308.8
million,    an  increase  of  9 percent compared with $283.9
million in 1997.

"More and more, our   customers are appreciating  the  value
and   uniqueness  of  IBM's  ability  to  provide  hardware,
software, services and financing from a single source," said
Joseph C.   Lane,  president,  IBM  Credit  Corporation  and
general  manager,  IBM  Global  Financing. "As part of   IBM
Global Financing with  worldwide  assets  greater  than  $40
billion,   IBM   Credit  Corporation  continues  to  provide
attractive rates and terms  and  conditions  on  competitive
financing,  as  well  as  structured  financial solutions in
special situations.  Our financial strength, as demonstrated
by  1998's  results,  is  a  powerful  advantage  for  IBM's
customers  and  Business Partners when we work together with
them to achieve mutual success."



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New  customer  financing  originations  for  commercial  and
government  institutions  acquiring  information  technology
products and services rose 3  percent  to  $7.2  billion  in
1998,  compared  with  $7.0 billion in 1997.  New commercial
financing  originations  to  distribution  channel  partners
decreased 5 percent to $14.2 billion in 1998, compared  with
$15.0 billion for the same 1997 period.

     At  December 31, 1998, total assets were $16.4 billion,
compared with $16.6 billion at December 31, 1997, a decrease
of 1 percent.  Retained earnings at December 31, 1998,  were
$1.4  billion  compared  with  $1.2  billion at December 31,
1997, an increase of 17 percent.    The  return  on  average
equity  was 17.2 percent in 1998, compared with 18.6 percent
in 1997.

     In the fourth quarter of 1998,  net earnings were $81.5
million,  an  increase  of  11  percent  from  1997's  $73.7
million.  Financing originated for commercial and government
customers in the fourth quarter of 1998 was $2.7 billion, an
increase  of  17 percent compared with the same 1997 period.
For the fourth quarter of  1998,  commercial  financing  for
distribution  channel partners was $4.2 billion, a 2 percent
decrease compared with the same 1997 period.

Forward-Looking and Cautionary Statements

     Except for the historical information  and  discussions
contained  herein,  statements contained in this release may
constitute "forward-looking statements" within  the  meaning
of  the  Private  Securities  Litigation Reform Act of 1995.
These statements involve a number  of  risks,  uncertainties
and  other factors that could cause actual results to differ
materially, as discussed in the company's filings  with  the
Securities and Exchange Commission.

     IBM  Credit  Corporation  in the United States, and the
IBM  Global   Financing   organizations   worldwide,   offer
businesses of all sizes leasing and financing for technology
acquired  from  IBM  or  remarketers. IBM Credit and the IBM
Global Financing organizations also offer customers in  more
than 40 countries a broad array of asset management services
and provide remarketers with commercial financing. Visit the
IBM Global Financing home page at www.financing.ibm.com