ACCOUNTS RECEIVABLE

The components of accounts receivable are as follows:



	July 28, 2012			January 28, 2012			July 30, 2011
Credit card receivables:
Nordstrom VISA credit card receivables	$	1,418		$	1,347		$	1,455
Nordstrom private label card receivables	876			727			782
Total credit card receivables	2,294			2,074			2,237
Allowance for credit losses	(105		)	(115		)	(125		)
Credit card receivables, net	2,189			1,959			2,112
Other accounts receivable	108			74			92
Accounts receivable, net	$	2,297		$	2,033		$	2,204

Other accounts receivable consist primarily of credit and debit card receivables due from third-party financial institutions.

Activity in the allowance for credit losses for the quarter and six months ended July 28, 2012 and July 30, 2011 is as follows:



	Quarter Ended						Six Months Ended
	July 28, 2012			July 30, 2011			July 28, 2012			July 30, 2011
Allowance at beginning of period	$	105		$	135		$	115		$	145
Bad debt provision	25			26			38			51
Write-offs	(31		)	(42		)	(61		)	(82		)
Recoveries	6			6			13			11
Allowance at end of period	$	105		$	125		$	105		$	125

For purposes of determining impairment and recording the associated allowance for credit losses, we evaluate our credit card receivables on a collective basis as they are composed of large groups of smaller-balance homogeneous loans and, therefore, are not individually evaluated for impairment.

Under certain circumstances, we may make modifications to payment terms for a customer experiencing financial difficulties in an effort to help the customer avoid bankruptcy and to maximize our recovery of the outstanding balance. These modifications, which meet the definition of troubled debt restructurings ("TDRs"), include reduced or waived fees and finance charges, and/or reduced minimum payments. Receivables classified as TDRs were $58, or 2.5% of our total credit card receivables as of July 28, 2012, $58, or 2.8% of our total credit card receivables as of January 28, 2012 and $60, or 2.7% of our total credit card receivables as of July 30, 2011. As with other aged receivables in our portfolio, the allowance for credit losses related to receivables classified as TDRs is primarily based on our historical aging and delinquency trends and write-off experience, with qualitative consideration of factors affecting the credit quality of our portfolio, including amounts of and trends in TDRs.

Credit Quality

The primary indicators of the credit quality of our credit card receivables are aging and delinquency, particularly the levels of account balances delinquent 30 days or more as these are the accounts most likely to be written off. The following table illustrates the aging and delinquency status of our credit card receivables:



	July 28, 2012				January 28, 2012				July 30, 2011
	Balance		% of Total		Balance		% of Total		Balance		% of Total
Current	$	2,166	94.4	%	$	1,928	93.0	%	$	2,075	92.8	%
1 – 29 days delinquent	84		3.7	%	92		4.4	%	101		4.5	%
30+ days delinquent:
30 – 59 days delinquent	18		0.7	%	20		1.0	%	23		1.0	%
60 – 89 days delinquent	11		0.5	%	13		0.6	%	15		0.7	%
90 days or more delinquent	15		0.7	%	21		1.0	%	23		1.0	%
Total 30+ days delinquent	44		1.9	%	54		2.6	%	61		2.7	%
Total credit card receivables	$	2,294	100.0	%	$	2,074	100.0	%	$	2,237	100.0	%

Receivables not accruing finance charges	$	10			$	15			$	19
Receivables 90 days or more delinquent and still accruing finance charges	$	9			$	11			$	12

We also evaluate credit quality using FICO credit scores. The following table illustrates the distribution of our credit card receivables across FICO score ranges:



	July 28, 2012				January 28, 2012				July 30, 2011
FICO Score Range¹	Balance		% of Total		Balance		% of Total		Balance		% of Total
801+	$	441	19.2	%	$	307	14.8	%	$	419	18.7	%
720 – 800	838		36.5	%	741		35.7	%	805		36.0	%
660 – 719	581		25.3	%	572		27.6	%	561		25.1	%
600 – 659	261		11.4	%	270		13.0	%	259		11.6	%
001 – 599	105		4.6	%	120		5.8	%	128		5.7	%
Other²	68		3.0	%	64		3.1	%	65		2.9	%
Total credit card receivables	$	2,294	100.0	%	$	2,074	100.0	%	$	2,237	100.0	%

¹Credit scores for our cardholders are updated at least every 60 days. Amounts listed in the table reflect the most recently obtained credit scores as of the dates indicated.

²Other consists of amounts not yet posted to customers' accounts and receivables from customers for whom FICO scores are temporarily unavailable.