RFS HOLDING LLC - FORM 8-K - EX-99.1 - COMPOSITION OF THE TRUST PORTFOLIO - July 26, 2017

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Exhibit 99.1

  

The following tables summarize the trust portfolio by various criteria as of June 30, 2017 for each of the retailers included in the trust portfolio, except for the “Composition by FICO® Credit Score Range” table, which reflects receivables balances as of June 30, 2017, and the composition of accounts by FICO® credit score as most recently refreshed.

 

Please note that numbers and percentages presented in the tables in this section may not sum to the totals presented due to rounding.

 

For purposes of the tables in this section:

 

•Total Receivables Outstanding is the sum of principal receivables and finance charge receivables (which includes fee receivables) included in the trust portfolio in the period indicated.

 

•Accounts is the number of accounts included in the trust portfolio as of the date or in the period indicated.

 

Composition by Retailer

  

Retailer  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Lowe’s   $2,454,875,876    19.9%    1,879,917    11.9% 
JCPenney    2,363,368,747    19.1%    4,371,032    27.8% 
Sam’s Club Dual Card    1,579,073,583    12.8%    1,277,855    8.1% 
Wal-Mart (1)    1,540,091,728    12.5%    1,235,258    7.8% 
Sam’s Club(1)    1,297,831,539    10.5%    1,823,203    11.6% 
Gap Family Dual Card(2)    1,290,476,910    10.4%    1,290,046    8.2% 
Belk    783,139,343    6.3%    1,509,807    9.6% 
Gap(3)    445,096,230    3.6%    1,251,961    8.0% 
Chevron    230,600,029    1.9%    833,843    5.3% 
JCPenney Dual Card    114,408,550    0.9%    82,091    0.5% 
Other    255,089,389    2.1%    190,804    1.2% 
Total   $12,354,051,925    100.0%    15,745,817    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 Range

 

Account Balance Range  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Credit Balance     $($15,363,745)    -0.1%    262,316    1.7% 
No Balance    -    0.0%    5,953,221    37.8% 
$0.01-$500.00    780,553,219    6.3%    4,893,625    31.1% 
$500.01-$1,000.00    859,420,205    7.0%    1,184,097    7.5% 
$1,000.01-$2,000.00    1,894,573,114    15.3%    1,302,044    8.3% 
$2,000.01-$3,000.00    1,903,057,011    15.4%    773,356    4.9% 
$3,000.01-$4,000.00    1,679,542,020    13.6%    484,379    3.1% 
$4,000.01-$5,000.00    1,577,580,454    12.8%    350,900    2.2% 
$5,000.01-$6,000.00    1,241,386,908    10.0%    226,828    1.4% 
$6,000.01-$7,000.00    829,831,775    6.7%    128,401    0.8% 
$7,000.01-$8,000.00    613,185,904    5.0%    82,161    0.5% 
$8,000.01-$9,000.00    432,296,479    3.5%    51,078    0.3% 
$9,000.01-$10,000.00    317,317,176    2.6%    33,515    0.2% 
$10,000.01-$15,000.00    200,502,145    1.6%    17,810    0.1% 
$15,000.01-$20,000.00    24,821,845    0.2%    1,488    0.0% 
$20,000.01 or  more    15,347,412    0.1%    598    0.0% 
Total   $12,354,051,925    100.0%    15,745,817    100.0% 

 

 

Composition by Credit Limit Range

 

Credit Limit Range  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
$0.01-$500.00   $79,784,059    0.6%    742,282    4.7% 
$500.01-$1,000.00    195,675,913    1.6%    882,944    5.6% 
$1,000.01-$2,000.00    792,036,963    6.4%    3,290,176    20.9% 
$2,000.01-$3,000.00    1,147,695,720    9.3%    2,755,490    17.5% 
$3,000.01-$4,000.00    1,172,945,952    9.5%    1,708,565    10.9% 
$4,000.01-$5,000.00    1,590,155,764    12.9%    1,576,208    10.0% 
$5,000.01-$6,000.00    1,639,471,622    13.3%    1,249,963    7.9% 
$6,000.01-$7,000.00    1,148,847,823    9.3%    784,870    5.0% 
$7,000.01-$8,000.00    1,214,875,788    9.8%    824,952    5.2% 
$8,000.01-$9,000.00    852,770,065    6.9%    462,444    2.9% 
$9,000.01-$10,000.00    1,773,212,812    14.4%    1,085,610    6.9% 
$10,000.01 or more    746,579,444    6.0%    382,313    2.4% 
Total   $12,354,051,925    100.0%    15,745,817    100.0% 

 

 

Composition by Account Age Range

 

Account Age Range  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Up to 6 Months   $-    0.0%    -    0.0% 
6 Months to 12 Months    -    0.0%    -    0.0% 
Over 12 Months to 24 Months    -    0.0%    -    0.0% 
Over 24 Months to 36 Months    -    0.0%    -    0.0% 
Over 36 Months to 48 Months    -    0.0%    -    0.0% 
Over 48 Months to 60 Months    357,918,055    2.9%    427,959    2.7% 
Over 60 Months to 72 Months    924,692,708    7.5%    1,040,256    6.6% 
Over 72 Months to 84 Months    915,296,796    7.4%    1,079,799    6.9% 
Over 84 Months to 96 Months    1,017,190,843    8.2%    1,119,663    7.1% 
Over 96 Months to 108 Months    1,023,815,031    8.3%    1,086,170    6.9% 
Over 108 Months to 120 Months    1,273,439,451    10.3%    1,287,112    8.2% 
Over 120 Months    6,841,699,042    55.4%    9,704,858    61.6% 
Total   $12,354,051,925    100.0%    15,745,817    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, as of June 30, 2017 for each of the retailers included in the trust portfolio.

 

Composition by Billing Address

 

Billing Address  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Texas   $1,196,086,734    9.7%    1,380,568    8.8% 
California    917,314,772    7.4%    1,444,141    9.2% 
Florida    774,990,954    6.3%    1,010,227    6.4% 
North Carolina    701,303,919    5.7%    883,607    5.6% 
New York    586,527,793    4.7%    797,605    5.1% 
Other    8,177,827,753    66.2%    10,229,669    65.0% 
Total  $12,354,051,925    100.0%    15,745,817    100.0% 

 

 

Composition by Delinquency Status

 

Delinquency Status  Total Receivables Outstanding   Percentage of
Total Receivables Outstanding		   Number
of Accounts		   Percentage
of Number
of Accounts		 
Current, Credit and Zero Balance   $11,627,035,947    94.1%    15,352,934    97.5% 
1 – 29 Days    374,557,618    3.0%    246,284    1.6% 
30 – 59 Days    109,350,723    0.9%    54,838    0.3% 
60 – 89 Days    78,102,233    0.6%    32,491    0.2% 
90 – 119 Days    58,664,603    0.5%    22,196    0.1% 
120 – 149 Days    57,479,343    0.5%    20,263    0.1% 
150 or More Days    48,861,457    0.4%    16,811    0.1% 
Total  $12,354,051,925    100.0%    15,745,817    100.0% 

 

 

The following table reflects receivables as of June 30, 2017, and the composition of accounts by FICO® credit score as most recently refreshed:

 

Composition by FICO® Credit Score Range

 

FICO® Credit Score Range(1)  Total Receivables
Outstanding		  

Percentage of
Total Receivables

Outstanding

 
Less than or equal to 599   $713,155,512    5.8% 
600 to 659    2,094,176,261    17.0% 
660 to 719    4,823,530,090    39.0% 
720 and above    4,655,123,421    37.7% 
No Score    68,066,641    0.6% 
Total   $12,354,051,925    100.0% 

________

(1)FICO® is a federally registered trademark of Fair, Isaac & Company.

 

Collateral For the Notes

 

The following information regarding the trust portfolio is as of June 30, 2017:

 

·total transferred receivables: $12,354,051,925
·principal receivables: $11,927,235,770
·finance charge receivables: $426,816,155
·total number of accounts designated to the trust portfolio: 15,745,817

 

 

 

 

As of June 30, 2017:

 

·The accounts designated for the trust portfolio had an average total receivable balance of approximately $785 and an average credit limit of approximately $4,138.
·For accounts designated for the trust portfolio, the percentage of the aggregate total receivable balance to the aggregate total credit limit was 19.0%.
·The average age of the accounts designated for the trust portfolio was approximately 154 months.

 

Balance Reductions

 

The accounts in the trust portfolio may have balance reductions granted for a number of reasons, including merchandise refunds, returns and fraudulent charges. For the twelve months ended June 30, 2017, the average monthly balance reduction rate for the approved portfolio of accounts attributable to such returns and fraud was 0.85%.

 

Payment Rates

 

The following Cardholder Monthly Payment Rates table sets forth the highest and lowest cardholder monthly payment rates on the credit card accounts in the trust portfolio during any Monthly Period in the Securitization Reporting Years or portion thereof, as applicable, shown, in each case calculated as a percentage of the Principal Receivables Outstanding as of the first day of each Monthly Period during the Securitization Reporting Years or portion thereof, as applicable, shown. Payment rates shown in the table are based on amounts that would be deemed payments of principal receivables with respect to the accounts. For purposes of these calculations, Principal Receivables Outstanding are principal receivables included in the trust portfolio in the period indicated. Each Securitization Reporting Year is the period of twelve Monthly Periods ending on December 21st of the related calendar year.

 

The Payment Status table in this section shows the average for all billing cycles in the period indicated of the payments made on the receivables that fall within each of the following categories: (1) less than minimum payment, (2) minimum payment, (3) greater than minimum payment, but less than full payment and (4) full payment or greater than full payment. For any billing cycle, the percentage of payments in each category is calculated by dividing the number of accounts with payments in that category by the total amount of all accounts that were required to make payments on the receivables.

 

Although we have provided historical data concerning the payment rates on the receivables and the percentage of the receivables falling in each payment category, because of the factors described in the Prospectus under “Risk Factors,” we cannot provide you with any assurance that the levels and timing of payments on receivables in the trust portfolio from time to time will be similar to the historical experience described in the following tables for the trust portfolio or that deposits into the principal accumulation account will equal the applicable controlled accumulation amount. The trust may shorten the controlled accumulation period and, in that event, we cannot provide any assurance that there will be sufficient time to accumulate all amounts necessary to pay the outstanding principal amount of the Series 2017-1 notes on the expected principal payment date.

 

Cardholder Monthly Payment Rates

 

  

Six Months Ended

June 30,

 

 

Securitization Reporting Year

   2017  2016  2015  2014  2013  2012
Lowest Month   12.97%  12.90%  12.34%  12.43%  12.60%  13.01%
Highest Month   14.48%  14.47%  14.11%  13.69%  13.99%  15.40%
Monthly Average   13.97%  13.65%  13.28%  13.05%  13.36%  14.26%

 

 

Payment Status

 

   Percentage of Accounts
  

Six Billing Cycles Ended in June

2017

 

Twelve Billing Cycles Ended in December

2016

 

Twelve Billing Cycles Ended in December

2015

 

Twelve Billing Cycles Ended in December

2014

 

Twelve Billing Cycles Ended in December

2013

 

Twelve Billing Cycles Ended in December

2012

Less than Minimum Payment   8.2%  8.47%  8.81%  9.82%  10.50%  10.70%
Minimum Payment   15.5%  16.07%  16.55%  16.76%  16.85%  15.96%
Greater than Minimum Payment, Less than Full Payment   39.2%  39.45%  40.25%  41.00%  41.09%  42.38%
Full Payment or Greater than Full Payment   37.1%  36.02%  34.39%  32.42%  31.56%  30.95%

 

We cannot assure you that the cardholder monthly payment rates or the payment experience for the trust portfolio in the future will be similar to the historical experience set forth in the tables above. In addition, the amount of collections of receivables may vary from month to month due to seasonal variations, general economic conditions, payment habits of individual cardholders and changes in minimum payment formulas.