RFS HOLDING LLC - FORM 8-K - September 5, 2012

 
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) September 5, 2012
 
 

GE Capital Credit Card Master Note Trust

RFS Holding, L.L.C.

GE Capital Retail Bank

(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor
as Specified in their respective Charters)
 
Delaware
(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)
 

333-107495, 333-130030, 333-144945,

333-169151, 333-181466-01,

333-181466, 333-107495-02,

333-130030-01, 333-144945-01,

333-169151-01

   57-1173164 (RFS Holding, L.L.C.)
20-0268039 (GE Capital Credit Card Master Note Trust)
(Commission File Numbers for Registrant and Issuing Entity, respectively)   (Registrants’ I.R.S. Employer Identification Nos. for Registrant and Issuing Entity, respectively)
 
777 Long Ridge Road, Stamford, Connecticut 06927
(Address of Principal Executive Offices) (Zip Code)
 
(877) 441-5094
(Registrant’s Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
           
 
 

 

Item 6.05 Securities Act Updating Disclosure.

 

RFS Holding, L.L.C. designated new accounts to the trust portfolio and transferred the receivables in those accounts to the Trust on August 27, 2012 (the “account addition”). The accounts designated to the trust portfolio on August 27, 2012 had an aggregate principal balance of approximately $757 million as of the close of business on August 27, 2012. The tables set forth below set forth the composition of receivables in the trust portfolio by various criteria as of July 31, 2012 on a pro forma basis as if the account addition had occurred at the close of business on July 31, 2012. Such tables were prepared using data for accounts designated in the account addition, other than those accounts in the Paypal program, as of the close of business on August 22, 2012, and for all accounts in the Paypal program designated in the account addition, as of the close of business on August 23, 2012, and for the remaining trust portfolio, as of the close of business on July 31, 2012 (such dates being referred to herein, as the “Applicable Receivables Balance Dates” for such accounts). 

 

The “Composition by FICO® Score” table reflects receivables balances as of the Applicable Receivables Balance Dates, and the composition of accounts by FICO® score as most recently refreshed.

 

For purposes of the below tables:

 

•Total Receivables Outstanding is the sum of principal receivables and finance charge receivables (which includes fee receivables) for all accounts in the trust portfolio as of the Applicable Receivables Balance Dates for such accounts.

 

•Accounts is the number of accounts included in the trust portfolio as of July 31, 2012, plus the number of accounts designated in the account addition.

 

Composition by Retailer

 

Retailer  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
JCPenney  $4,177,628,449    22.0%   12,696,651    34.1%
Lowe’s   3,377,393,882    17.8%   3,635,026    9.8%
Wal-Mart (1)    2,269,112,783    12.0%   2,986,014    8.0%
Sam’s Club(1)    2,108,745,485    11.1%   3,662,342    9.8%
Sam’s Club Dual Card   2,008,965,883    10.6%   1,778,646    4.8%
Gap Family Dual Card(2)    1,444,503,494    7.6%   2,465,966    6.6%
Belk   806,404,443    4.3%   2,657,756    7.1%
Gap(3)    644,886,696    3.4%   3,441,891    9.2%
Dillard’s   611,306,871    3.2%   1,005,740    2.7%
Chevron   556,182,583    2.9%   1,714,647    4.6%
JCPenney Dual Card   262,626,943    1.4%   199,289    0.5%
Other   705,734,732    3.7%   969,063    2.6%
    Total  $18,973,492,245    100.0%   37,213,031    100.0%

 

 

(1)Sam’s Club and Wal-Mart are affiliated retailers. Sam’s Club cards may also be used at Wal-Mart locations, and Wal-Mart cards may be used at Sam’s Club locations if the cardholder belongs to the club. Figures shown here are based on which retailer is identified on the card, not where the purchase was made.

 

(2)Figures presented for Gap Family Dual Card include Old Navy Dual Card, Gap Dual Card and Banana Republic Dual Card, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two.

 

(3)Figures presented for Gap include Old Navy, Gap and Banana Republic, which are affiliated retailers. Each of these retailers’ cards may be used at the locations of the other two.

  

 
 

 

Composition by Account Balance

 

Account Balance Range  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Credit Balance  $(21,162,716)   -0.1%   464,479    1.2%
No Balance   -    0.0%   14,955,848    40.2%
$0.01-$500.00   2,109,955,609    11.1%   12,053,248    32.4%
$500.01-$1,000.00   2,800,089,308    14.8%   3,862,71    10.4%
$1,000.01-$2,000.00   4,572,176,669    24.1%   3,221,486    8.7%
$2,000.01-$3,000.00   3,103,254,574    16.4%   1,277,286    3.4%
$3,000.01-$4,000.00   2,057,620,523    10.8%   596,032    1.6%
$4,000.01-$5,000.00   1,648,798,218    8.7%   367,800    1.0%
$5,000.01-$6,000.00   1,108,063,618    5.8%   203,634    0.5%
$6,000.01-$7,000.00   622,644,114    3.3%   96,572    0.3%
$7,000.01-$8,000.00   382,822,191    2.0%   51,431    0.1%
$8,000.01-$9,000.00   251,790,454    1.3%   29,750    0.1%
$9,000.01-$10,000.00   189,429,027    1.0%   19,992    0.1%
$10,000.01-$15,000.00   134,560,221    0.7%   12,029    0.0%
$15,000.01-$20,000.00   9,750,471    0.1%   580    0.0%
$20,000.01 or more   3,699,963    0.0%   154    0.0%
Total   18,973,492,245    100.0%   37,213,031    100.0%

 

 

Composition by Credit Limit

 

Credit Limit Range  Total Receivables
Outstanding		   Percentage of
Total Receivables
Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
$0.01-$500.00  $421,263,841    2.2%   4,082,508    11.0%
$500.01-$1,000.00   1,190,202,602    6.3%   4,789,447    12.9%
$1,000.01-$2,000.00   2,801,172,173    14.8%   10,513,799    28.3%
$2,000.01-$3,000.00   2,863,089,816    15.1%   6,624,424    17.8%
$3,000.01-$4,000.00   2,094,323,422    11.0%   3,436,020    9.2%
$4,000.01-$5,000.00   2,336,192,389    12.3%   2,632,717    7.1%
$5,000.01-$6,000.00   1,932,865,945    10.2%   1,451,119    3.9%
$6,000.01-$7,000.00   1,467,039,421    7.7%   1,037,353    2.8%
$7,000.01-$8,000.00   1,279,248,679    6.7%   946,308    2.5%
$8,000.01-$9,000.00   843,685,346    4.4%   469,643    1.3%
$9,000.01-$10,000.00   1,388,255,281    7.3%   1,041,986    2.8%
$10,000.01 or more   356,153,329    1.9%   187,707    0.5%
Total   18,973,492,245    100.0%   37,213,031    100.0%

 

 

Composition by Account Age

 

Age  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Up to 6 Months  $318,489,871    1.7%   1,082,394    2.9%
6 Months to 12 Months   562,882,280    3.0%   1,551,786    4.2%
Over 12 Months to 24 Months   1,200,617,452    6.3%   3,139,527    8.4%
Over 24 Months to 36 Months   1,525,826,844    8.0%   3,062,754    8.2%
Over 36 Months to 48 Months   1,571,872,531    8.3%   2,873,611    7.7%
Over 48 Months to 60 Months   1,727,936,328    9.1%   2,887,333    7.8%
Over 60 Months to 72 Months   1,701,191,129    9.0%   2,813,872    7.6%
Over 72 Months to 84 Months   1,625,784,735    8.6%   2,452,119    6.6%
Over 84 Months to 96 Months   1,404,881,553    7.4%   2,152,838    5.8%
Over 96 Months to 108 Months   909,968,022    4.8%   1,771,042    4.8%
Over 108 Months to 120 Months   761,930,867    4.0%   1,475,875    4.0%
Over 120 Months   5,662,110,633    29.8%   11,949,880    32.1%
Total   18,973,492,245    100.0%   37,213,031    100.0%

 

 
 

 

Except for the applicable states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total receivables balances, as applicable, based on the trust portfolio data as of the Applicable Receivables Balance Dates, for each of the retailers included in the trust portfolio. Since the largest number of cardholders (based on billing addresses) whose accounts are designated for the trust portfolio were in the five states listed below, adverse economic conditions affecting cardholders residing in those areas could affect timely payment by the related cardholders of amounts due on the accounts and, accordingly, the rate of delinquencies and losses for the trust portfolio.

 

Composition by Billing Address

 

State  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Texas  $1,927,508,014    10.2%   3,288,509    8.8%
California   1,590,400,912    8.4%   3,570,771    9.6%
Florida   1,257,442,625    6.6%   2,442,588    6.6%
North Carolina   950,836,916    5.0%   1,749,440    4.7%
New York   865,856,122    4.6%   2,003,870    5.4%
Other   12,381,447,656    65.3%   24,157,853    64.9%
Total   18,973,492,245    100.0%   37,213,031    100.0%

 

 

Composition by Delinquency Status

 

Aging Status  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Current, Credit and Zero Balance  $17,536,015,901    92.4%   35,978,084    96.7%
1-29 Days   759,219,139    4.0%   749,359    2.0%
30-59 Days   233,423,896    1.2%   186,342    0.5%
60-89 Days   152,523,909    0.8%   108,561    0.3%
90-119 Days   118,187,786    0.6%   81,411    0.2%
120-149 Days   93,343,580    0.5%   60,377    0.2%
150 or More Days   80,778,034    0.4%   48,897    0.1%
Total   18,973,492,245    100.0%   37,213,031    100.0%

 

 

Composition by FICO® Score

 

A FICO® score is a measurement derived from a proprietary credit scoring method owned by Fair Isaac Corporation to determine the likelihood that credit users will pay their credit obligations in accordance with the terms of their accounts. Although Fair Isaac Corporation discloses only limited information about the variables it uses to assess credit risk, those variables likely include, but are not limited to, debt level, credit history, payment patterns (including delinquency experience), and level of utilization of available credit. FICO® scores range from 300 to 850, and a borrower with a higher score is statistically expected to be less likely to default in payment than a borrower with a lower score. FICO® scores for any one individual may be determined by up to three independent credit bureaus. In determining whether to grant credit to a potential account holder, the bank uses a FICO® score as reported by one of the three major credit bureaus. Therefore, certain FICO® scores for an individual account holder based upon information collected by other credit bureaus could be different from the FICO® score used by the bank.

 

FICO® scores are based on independent, third-party information, the accuracy of which we cannot verify. FICO® scores were not developed specifically for use in connection with credit card accounts, but for consumer credit products in general. The bank does not use standardized credit scores, such as a FICO® score, alone to determine the credit limit or other terms that are approved or applied on an account. Rather, each application is scored based on the applicant’s credit bureau report using industry and proprietary credit models and bankruptcy scorecards.

 

FICO® scores of an individual may change over time, depending on the conduct of the individual, including the individual’s usage of his or her available credit, and changes in credit score technology used by Fair Isaac Corporation. To the extent available, FICO® scores are generally obtained at origination of the account and at least quarterly thereafter. Because the composition of the accounts designated for the trust may change over time, this table is not necessarily indicative of FICO® scores at origination of the accounts or the composition of the accounts in the trust at any specific time thereafter.

 

 
 

 

The following table reflects receivables as of the Applicable Receivables Balance Dates, and the composition of accounts by FICO® score as most recently refreshed:

 

Composition by FICO® Score

 

FICO® Credit Score Range(1)  Total
Receivables
Outstanding		   Percentage
of Total Receivables
Outstanding		 
Less than or equal to 599  $1,645,625,673    8.7%
600 to 659   3,977,524,275    21.0%
660 to 719   7,169,263,105    37.8%
720 and above   6,079,439,811    32.0%
No Score   101,639,381    0.5%
Total  $18,973,492,245    100.0%

________

(1)FICO® is a federally registered trademark of Fair Isaac Corporation.
 
 

 

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 hereunto duly authorized.

 

 

September 5, 2012   RFS Holding, L.L.C., as depositor
     

 

    By: /s/ Darren Blasko
    Name: Darren Blasko
    Title: Vice President