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Credit Card Receivables (Tables)
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6 Months Ended |
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Jul. 30, 2011
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| Credit Card Receivables |
|
| Age of Credit Card Receivables |
|
|
Age of Credit Card Receivables |
|
July 30, 2011 |
|
January 29, 2011 |
|
July 31, 2010 |
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|
|
|
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Percent of |
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|
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Percent of |
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|
Percent of |
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|
(dollars in millions) |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
|
Current |
|
$ |
5,671 |
|
91.4% |
|
$ |
6,132 |
|
89.6 |
% |
$ |
6,167 |
|
88.3% |
|
|
1-29 days past due |
|
242 |
|
3.9 |
|
292 |
|
4.3 |
|
312 |
|
4.5 |
|
|
30-59 days past due |
|
101 |
|
1.6 |
|
131 |
|
1.9 |
|
162 |
|
2.3 |
|
|
60-89 days past due |
|
60 |
|
1.0 |
|
79 |
|
1.1 |
|
101 |
|
1.4 |
|
|
90+ days past due |
|
128 |
|
2.1 |
|
209 |
|
3.1 |
|
246 |
|
3.5 |
|
|
Period-end gross credit card receivables |
|
$ |
6,202 |
|
100% |
|
$ |
6,843 |
|
100 |
% |
$ |
6,988 |
|
100% |
|
|
|
| Allowance for Doubtful Accounts |
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|
Allowance for Doubtful Accounts |
|
Three Months Ended |
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|
Six Months Ended |
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|
(millions) |
|
July 30, 2011 |
|
July 31, 2010 |
|
July 30, 2011 |
|
July 31, 2010 |
|
|
Allowance at beginning of period |
|
$ 565 |
|
$ 930 |
|
$ 690 |
|
$ 1,016 |
|
|
Bad debt expense |
|
15 |
|
138 |
|
27 |
|
335 |
|
|
Write-offs(a) |
|
(142 |
) |
(256 |
) |
(326 |
) |
(573 |
) |
|
Recoveries(a) |
|
42 |
|
39 |
|
89 |
|
73 |
|
|
Allowance at end of period |
|
$ 480 |
|
$ 851 |
|
$ 480 |
|
$ 851 |
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(a) Write-offs include the principal amount of losses (excluding accrued and unpaid finance charges), and recoveries include current period principal collections on previously written-off balances. These amounts combined represent net write-offs.
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|
| Receivables Credit Quality |
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|
Receivables Credit Quality |
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|
|
|
|
|
|
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(millions) |
|
July 30, 2011 |
|
January 29, 2011 |
|
July 31, 2010 |
|
|
Nondelinquent accounts (Current and 1 – 29 days past due) |
|
|
|
|
|
|
|
|
FICO score of 700 or above |
|
$ 2,786 |
|
$ 2,819 |
|
$ 2,789 |
|
|
FICO score of 600 to 699 |
|
2,500 |
|
2,737 |
|
2,782 |
|
|
FICO score below 600 |
|
627 |
|
868 |
|
908 |
|
|
Total nondelinquent accounts |
|
5,913 |
|
6,424 |
|
6,479 |
|
|
Delinquent accounts (30+ days past due) |
|
289 |
|
419 |
|
509 |
|
|
Period-end gross credit card receivables |
|
$ 6,202 |
|
$ 6,843 |
|
$ 6,988 |
|
|
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| Information of Securitized Borrowings |
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|
Securitized Borrowings |
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July 30, 2011 |
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January 29, 2011 |
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July 31, 2010 |
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|
|
|
Debt |
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|
|
Debt |
|
|
|
Debt |
|
|
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(millions) |
|
Balance |
|
Collateral |
|
Balance |
|
Collateral |
|
Balance |
|
Collateral |
|
|
2008 Series(a) |
|
$ |
2,749 |
|
$ |
2,828 |
|
$ |
2,954 |
|
$ |
3,061 |
|
$ |
3,077 |
|
$ |
3,212 |
|
|
2006/2007 Series |
|
1,000 |
|
1,266 |
|
1,000 |
|
1,266 |
|
1,000 |
|
1,266 |
|
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Total |
|
$ |
3,749 |
|
$ |
4,094 |
|
$ |
3,954 |
|
$ |
4,327 |
|
$ |
4,077 |
|
$ |
4,478 |
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(a) The debt balance for the 2008 Series is net of a 7% discount from JPMC. The unamortized portion of this discount was $79 million, $107 million and $134 million as of July 30, 2011, January 29, 2011, and July 31, 2010, respectively.
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