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EX-4.1 - EXHIBIT 4.1 - WFN CREDIT CO LLCexhibit_4-1.htm
8-K - FORM 8-K - WFN CREDIT CO LLCform_8k.htm
Exhibit 99.1

For purposes of the tables below, "Number of Accounts" refers to all trust accounts, including any accounts that are inactive accounts and zero-balance accounts, which in some cases may be closed accounts that have not yet been removed from the originator's computer system and from the trust portfolio. Because the future composition of the trust portfolio will change over time, these tables are not indicative of the composition of the trust portfolio at any subsequent time.

The table immediately below sets forth the number of fixed and floating rate credit cards and the associated principal amounts contained in the trust portfolio as of October 31, 2017.

Distribution of Trust Portfolio
by Fixed/Floating APR
(Dollars in Thousands; Accounts in Thousands)

   
Number of
Accounts
   
Percentage
of Number
of Accounts
   
Principal
Receivables
   
Percentage of
Total Principal
Receivables
 
Total Fixed 
   
2,100
     
2.55
%
 
$
83,162
     
1.21
%
Total Variable(1) 
   
80,392
     
97.45
%
   
6,816,890
     
98.79
%
Total(2) 
   
82,492
     
100.00
%
 
$
6,900,052
     
100.00
%
________________________________
(1)  In the majority of instances, the annual variable rate is currently prime plus 21.74%.
(2)  Amounts and percentages may not add up to the total due to rounding.

Our variable rate credit cards represent APRs indexed to a benchmark rate plus various spread levels. Variable rate credit cards are not subject to a maximum rate.

Composition by Retailer Type
Trust Portfolio

Retailer Type
 
Percentage of Total
Principal Receivables
Soft goods 
 
62.65%
Department Store 
 
19.44%
Furniture 
 
15.62%
Jewelry 
 
1.71%
Other 
 
0.57%
Total(1) 
 
100.00%
________________________________
 (1)  Amounts and percentages may not add up to the total due to rounding.

The table immediately below sets forth the companies, including each of their respective affiliates, that have credit card programs, or groups of credit card programs, that account for more than 7.5% of principal receivables balances in the trust portfolio as of October 31, 2017.  Except for the three retailer groups listed below, no other credit card program, or group of credit card programs, accounts for more than 7.5% of the principal receivables in the trust portfolio as of October 31, 2017.



Composition by Retailer Group of
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Retailer Group(1)
 
Number of
Accounts
   
Percentage
of Total Number
of Accounts
   
Principal
Receivables
   
Percentage of
Total Principal
Receivables
 
L Brands, Inc. Retail Group 
   
14,430
     
17.49
%
 
$
1,559,771
     
22.61
%
Ascena Retail Group, Inc. 
   
10,251
     
12.43
%
   
774,258
     
11.22
%
Bon Ton Retail Group 
   
6,918
     
8.39
%
   
732,591
     
10.62
%
Retailer Groups less than 7.5% 
   
50,893
     
61.69
%
   
3,833,432
     
55.56
%
Total(2)
   
82,492
     
100.00
%
 
$
6,900,052
     
100.00
%
________________________________
(1) Includes each individual retailer in the trust commonly owned by the retailer group.
(2)  Amounts and percentages may not add up to the total due to rounding.

Composition by Individual Retailer of
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

 
Retailer
 
Number of
Accounts
   
Percentage
of Total Number
of Accounts
   
Principal
Receivables
   
Percentage of
Total Principal
Receivables
 
Victoria's Secret PL 
   
14,394
     
17.45
%
 
$
1,554,671
     
22.53
%
Lane Bryant PL 
   
3,587
     
4.35
%
   
403,266
     
5.84
%
Retailers less than 5% 
   
64,510
     
78.20
%
   
4,942,115
     
71.62
%
Total(1)
   
82,492
     
100.00
%
 
$
6,900,052
     
100.00
%
________________________________
(1)  Percentages may not add up to the total due to rounding.

Composition by Account Balance
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Account Balance Range
   
Number of
Accounts
   
Percentage
of Total Number
of Accounts
   
Principal
Receivables
   
Percent of
Total Principal
Receivables
 
Credit Balance
     
431
     
0.52
%
 
$
(14,536
)
   
-0.21
%
No Balance
     
67,817
     
82.21
%
   
     
 
$0.01 - $50.00
     
1,866
     
2.26
%
   
53,189
     
0.77
%
$50.01 - $100.00
     
1,973
     
2.39
%
   
146,603
     
2.12
%
$100.01 - $150.00
     
1,476
     
1.79
%
   
183,102
     
2.65
%
$150.01 - $250.00
     
2,198
     
2.66
%
   
434,861
     
6.30
%
$250.01 - $350.00
     
1,239
     
1.50
%
   
367,356
     
5.32
%
$350.01 - $500.00
     
1,285
     
1.56
%
   
542,681
     
7.86
%
$500.01 - $1,000.00
     
2,336
     
2.83
%
   
1,674,345
     
24.27
%
$1,000.01 - $1,500.00
     
955
     
1.16
%
   
1,159,566
     
16.81
%
$1,500.01 or more
     
916
     
1.11
%
   
2,352,884
     
34.10
%
Total (1)
     
82,492
     
100.00
%
 
$
6,900,052
     
100.00
%
________________________________
(1)  Amounts and percentages may not add up to the total due to rounding.



Composition by Credit Limit
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Credit Limit Range
   
Number of
Accounts
   
Percentage
of Total Number
of Accounts
   
Principal
Receivables
   
Percent of
Total Principal
Receivables
 
No Credit Limit
     
3,368
     
4.08
%
 
$
45,106
     
0.65
%
$0.01 - $100.00
     
315
     
0.38
%
   
1,529
     
0.02
%
$100.01 - $250.00
     
6,501
     
7.88
%
   
186,534
     
2.70
%
$250.01 - $350.00
     
2,624
     
3.18
%
   
91,995
     
1.33
%
$350.01 - $500.00
     
6,298
     
7.63
%
   
229,520
     
3.33
%
$500.01 - $750.00
     
11,019
     
13.36
%
   
433,610
     
6.28
%
$750.01 - $1,000.00
     
17,251
     
20.91
%
   
570,530
     
8.27
%
$1,000.01 - $1,250.00
     
4,786
     
5.80
%
   
557,346
     
8.08
%
$1,250.01 - $1,500.00
     
7,506
     
9.10
%
   
633,275
     
9.18
%
$1,500.01 - $2,000.00
     
9,042
     
10.96
%
   
1,073,833
     
15.56
%
$2,000.01 - $2,500.00
     
2,247
     
2.72
%
   
677,310
     
9.82
%
$2,500.01 or more
     
11,536
     
13.98
%
   
2,399,464
     
34.77
%
Total (1)
     
82,492
     
100.00
%
 
$
6,900,052
     
100.00
%
________________________________
(1)  Amounts and percentages may not add up to the total due to rounding.

Composition by Account Age
Trust Portfolio
(Dollars in Thousands; Accounts in Thousands)

Account Age Range
 
Number of
Accounts
   
Percentage
of Total Number
of Accounts
   
Principal
Receivables
   
Percent of
Total Principal
Receivables
 
Not More than 12 Months 
   
7,228
     
8.76
%
 
$
972,131
     
14.09
%
Over 12 Months to 24 Months 
   
7,213
     
8.74
%
   
913,097
     
13.23
%
Over 24 Months to 36 Months 
   
7,546
     
9.15
%
   
929,019
     
13.46
%
Over 36 Months to 48 Months 
   
7,496
     
9.09
%
   
785,473
     
11.38
%
Over 48 Months to 60 Months 
   
7,162
     
8.68
%
   
606,205
     
8.79
%
Over 60 Months 
   
45,846
     
55.58
%
   
2,694,128
     
39.05
%
Total (1)
   
82,492
     
100.00
%
 
$
6,900,052
     
100.00
%
________________________________
(1) Amounts and percentages may not add up to the total due to rounding.

Cardholders whose accounts are designated for the trust portfolio had billing addresses in all 50 states, the District of Columbia and other U.S. territories, except for approximately 0.22% of the principal receivables balance for the trust for which cardholders had billing addresses located outside of the United States, the District of Columbia or other U.S. territories.  Except for the six states listed below, no state accounted for more than 5% of the number of accounts or 5% of the total principal receivables balances as of October 31, 2017.


Composition by Billing Address
Trust Portfolio

 
State
 
Percentage of
Number of
Accounts
 
Percentage of
Total Principal
Receivables
Texas 
 
7.39%
 
10.49%
California 
 
7.93%
 
9.40%
Illinois 
 
6.02%
 
8.12%
New York 
 
7.71%
 
7.20%
Florida 
 
6.64%
 
6.50%
Pennsylvania 
 
5.34%
 
4.69%

The bank uses credit bureau scoring and a proprietary scoring model developed for the bank as tools in the underwriting process and for making credit decisions.  The bank uses credit bureau scoring and a proprietary scoring model also for purposes of monitoring obligor credit quality.  The bank's proprietary scoring model is based on historical data and requires the bank to make various assumptions about future performance.  As a result, the bank's proprietary model is not intended, and should not be relied upon, to forecast actual future performance.

Information regarding customer performance is factored into these proprietary scoring models to determine the probability of an account becoming 91 or more days past due or becoming charged off at any time within the next 12 months. Obligor credit quality is monitored at least monthly during the life of an account. The information in the table below is based on the most recent information available for each account in the trust portfolio. Because the future composition of the trust portfolio will change over time, obligor credit quality as shown in the table below is not indicative of obligor credit quality for the trust portfolio at any subsequent time. In addition, the bank's assessment of obligor credit quality may change over time depending on the conduct of the cardholder and changes in the proprietary scoring models used by the bank.

Composition by Obligor Credit Quality
Trust Portfolio
(Dollars in Thousands)

Probability of an Account Becoming 91 or More
Days Past Due or Becoming Charged-off
(within the next 12 months)
   
Principal
Receivables
   
Percentage of Total
Principal
Receivables
 
No Score
   
$
54,831
     
0.79
%
27.1% and higher
     
671,962
     
9.74
%
17.1% – 27.0%
 
   
432,895
     
6.27
%
12.6% – 17.0%
 
   
532,616
     
7.72
%
3.7% – 12.5%
 
   
2,995,031
     
43.41
%
1.9 – 3.6%
 
   
1,212,852
     
17.58
%
Lower than 1.9%
     
999,866
     
14.49
%
Total (1)
   
$
6,900,052
     
100.00
%
________________________________
(1)  Amounts and percentages may not add up to the total due to rounding.