Credit Card Receivables (Tables)
| 9 Months Ended |
|---|
Oct. 29, 2011 |
|---|
| Credit Card Receivables | |
| Age of Credit Card Receivables |
|
|
Age of Credit Card Receivables |
|
October 29, 2011 |
|
January 29, 2011 |
|
October 30, 2010 |
|
|
|
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
(dollars in millions) |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
Amount |
|
Receivables |
|
|
Current |
|
$ |
5,568 |
|
90.6 % |
|
$ |
6,132 |
|
89.6 % |
|
$ |
5,947 |
|
88.4 % |
|
|
1-29 days past due |
|
266 |
|
4.3 |
|
292 |
|
4.3 |
|
298 |
|
4.4 |
|
|
30-59 days past due |
|
109 |
|
1.8 |
|
131 |
|
1.9 |
|
157 |
|
2.3 |
|
|
60-89 days past due |
|
64 |
|
1.1 |
|
79 |
|
1.1 |
|
94 |
|
1.4 |
|
|
90+ days past due |
|
137 |
|
2.2 |
|
209 |
|
3.1 |
|
234 |
|
3.5 |
|
|
Period-end gross credit card receivables |
|
$ |
6,144 |
|
100 % |
|
$ |
6,843 |
|
100 % |
|
$ |
6,730 |
|
100 % |
|
|
|
| Allowance for Doubtful Accounts |
|
|
Allowance for Doubtful Accounts |
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
(millions) |
|
October 29, 2011 |
|
October 30, 2010 |
|
October 29, 2011 |
|
October 30, 2010 |
|
|
Allowance at beginning of period |
|
$ |
480 |
|
$ |
851 |
|
$ |
690 |
|
$ |
1,016 |
|
|
Bad debt expense |
|
40 |
|
110 |
|
67 |
|
445 |
|
|
Write-offs(a) |
|
(122 |
) |
(226 |
) |
(448 |
) |
(799 |
) |
|
Recoveries(a) |
|
33 |
|
40 |
|
122 |
|
113 |
|
|
Allowance at end of period |
|
$ |
431 |
|
$ |
775 |
|
$ |
431 |
|
$ |
775 |
|
(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.
|
|
| Receivables Credit Quality |
|
|
Receivables Credit Quality |
|
October 29, |
|
January 29, |
|
October 30, |
|
|
(millions) |
|
2011 |
|
2011 |
|
2010 |
|
|
Nondelinquent accounts (Current and 1-29 days past due) |
|
|
|
|
|
|
|
|
FICO score of 700 or above |
|
$ |
2,775 |
|
$ |
2,819 |
|
$ |
2,709 |
|
|
FICO score of 600 to 699 |
|
2,404 |
|
2,737 |
|
2,677 |
|
|
FICO score below 600 |
|
655 |
|
868 |
|
859 |
|
|
Total nondelinquent accounts |
|
5,834 |
|
6,424 |
|
6,245 |
|
|
Delinquent accounts (30+ days past due) |
|
310 |
|
419 |
|
485 |
|
|
Period-end gross credit card receivables |
|
$ |
6,144 |
|
$ |
6,843 |
|
$ |
6,730 |
|
| |
|
| Troubled Debt Restructurings |
|
|
Troubled Debt Restructurings |
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
October 29, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
(millions) |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Average receivables |
|
$ |
313 |
|
$ |
425 |
|
$ |
344 |
|
$ |
456 |
|
|
Finance charges |
|
$ |
5 |
|
$ |
7 |
|
$ |
16 |
|
$ |
23 |
|
|
Troubled Debt Restructurings |
|
Three Months Ended |
|
|
Nine Months Ended |
|
Defaulted During the Period(a) |
|
October 29, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
(millions, except contracts) |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Number of contracts |
|
6,290 |
|
13,753 |
|
17,990 |
|
42,972 |
|
|
Amount defaulted(b) |
|
$ |
18 |
|
$ |
46 |
|
$ |
53 |
|
$ |
138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes loans modified within the twelve months prior to each respective period end.
(b) Represents account balance at the time of default. We define default as not paying the full fixed payment amount for two consecutive billing cycles.
| |
|
| Information of Securitized Borrowings |
|
|
Securitized Borrowings |
|
October 29, 2011 |
|
January 29, 2011 |
|
October 30, 2010 |
|
|
|
|
Debt |
|
|
|
Debt |
|
|
|
Debt |
|
|
|
|
(millions) |
|
Balance |
|
Collateral |
|
Balance |
|
Collateral |
|
Balance |
|
Collateral |
|
|
2008 Series(a) |
$ |
|
2,759 |
|
$ |
2,828 |
|
$ |
2,954 |
|
$ |
3,061 |
|
$ |
2,979 |
|
$ |
3,098 |
|
|
2006/2007 Series |
|
1,000 |
|
1,266 |
|
1,000 |
|
1,266 |
|
1,000 |
|
1,266 |
|
|
Total |
$ |
|
3,759 |
|
$ |
4,094 |
|
$ |
3,954 |
|
$ |
4,327 |
|
$ |
3,979 |
|
$ |
4,364 |
|
(a) The debt balance for the 2008 Series is net of a 7% discount from JPMC. The unamortized portion of this discount was $69 million, $107 million and $119 million as of October 29, 2011, January 29, 2011, and October 30, 2010, respectively.
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