BANKERS TRUST COMPANY
One Bankers Trust Plaza
New York, New York  10006


Damian P. Reitemeyer               Mailing Address:
Vice President                     P.O. Box 318
Telephone: 212-250-4599            Church Street Station
                                   New York, NY 10008


                                   February 14, 1996



Securities and Exchange Commission
SEC Document Control
450 Fifth Street, N.W.
Washington, DC  20549
Attn:  Filing Desk


Dear Sirs:

     Re:  Filing of Schedule 13G on
          Imperial Credit Industries Incorporated


Pursuant to Rule 13d-1 of the General Rules and Regulations
under the Securities Exchange Act of 1934, the following is
one copy of the Schedule 13G with respect to the common
stock of the above referenced corporation.

Please acknowledge your receipt of the Schedule 13G filing
submission through the EDGAR-Link System software, by E-Mail
confirmation.

                                   Sincerely,

                                   /s/Damian P. Reitemeyer



Enclosures

             SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549
                              
                              
                        SCHEDULE 13G


          Under the Securities Exchange Act of 1934
                    (Amendment No.   1 )*
                            ____

           Imperial Credit Industries Incorporated
           _______________________________________
                       NAME OF ISSUER:
                              
                        Common Stock
           _______________________________________
                TITLE OF CLASS OF SECURITIES

                          45272910
           _______________________________________
                        CUSIP NUMBER

Check the following box if a fee is being paid with this
statement [ ].  (A fee is not required only if the filing
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.) (See Rule 13d-7.)

*The remainder of this cover page shall be filled out for a
reporting person s initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be  filed  for the purpose of Section
18 of the Securities Exchange Act of 1934 ( Act ) or
otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).

              (Continued on following page(s))
                              



CUSIP No. 45272910                 Page 1 of 5 Pages

1.NAME OF REPORTING PERSON
  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

  Bankers Trust New York Corporation, and its wholly-owned
  subsidiary, Bankers Trust Company. 13-6180473.

2.CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
               (A)  [ ]
               (B)  [ ]

3.SEC USE ONLY


4.CITIZENSHIP OR PLACE OF ORGANIZATION

  Bankers Trust New York Corporation and Bankers Trust
  Company are New York corporations.

  NUMBER OF    5. SOLE VOTING POWER

  SHARES


  BENEFICIALLY 6. SHARED VOTING POWER

  OWNED BY

  EACH         7. SOLE DISPOSITIVE POWER

  REPORTING



  PERSON       8. SHARED DISPOSITIVE POWER

  WITH



CUSIP No. 45272910                 Page 2 of 5 Pages



9.AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
  PERSON



10.CHECK BOX IF THE AGGREGATE AMOUNT IN ROW(9) EXCLUDES
   CERTAIN SHARES *


11.PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9




12.TYPE OF REPORTING PERSON *

   Bankers Trust New York Corporation - HC;
   Bankers Trust Company - BK;

Item 1(a) NAME OF ISSUER:

          Imperial Credit Industries Incorporated

Item 1(b) ADDRESS OF ISSUER S PRINCIPAL EXECUTIVE OFFICES:

          20371 Irvine Avenue
          Santa Ana, California  92707

Item 2(a) NAME OF PERSON FILING:

          Bankers Trust New York Corporation, and its wholly-
          owned subsidiary, Bankers Trust Company.

Item 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:

          Bankers Trust New York Corporation and Bankers
          Trust Company are located at 280 Park Avenue, New
          York, New York  10017;



CUSIP No. 45272910                 Page 3 of 5 Pages


Item 2(c) CITIZENSHIP:

          Bankers Trust New York Corporation is incorporated
          in the State of New York with its principal
          business offices located in New York.

Item 2(d) TITLE OF CLASS OF SECURITIES:

          Common Stock, (No Par Value) of Imperial Credit
          Industries Incorporated

Item 2(e) CUSIP NUMBER:

          45272910


Item 3    THE PERSON FILING IS A:

          For Bankers Trust New York Corporation,

     (g)  [X] Parent Holding Company, in accordance with
          Section 240.13d-1(b)(ii)(G)

          For Bankers Trust Company

     (b)  [X] Bank as defined in section 3(a)(6) of the Act.

Item 4    OWNERSHIP:

     (a)  Amount Beneficially Owned:




     (b)  Percent of Class:








CUSIP No. 45272910                 Page 4 of 5 Pages

     (c)  Percent of Class:

          Number of shares as to which the following have:

     (I)  sole power to vote or to direct the vote



     (ii) shared power to vote or to direct the vote


     (iii)sole power to dispose or to direct the disposition
          of :
          

     (iv) shared power to dispose or to direct the
          disposition of

Item 5    OWNERSHIP OF FIVE PERCENT OF LESS OF A CLASS:

          [X]

Item 6    OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
          ANOTHER PERSON:


Item 7    IDENTIFICATION AND CLASSIFICATION OF THE
          SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING
          REPORTED ON BY THE PARENT HOLDING COMPANY:

          See Item 3 above and Exhibit to Item 7.

Item 8    IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF
          THE GROUP:

          Not applicable.

Item 9    NOTICE OF DISSOLUTION OF GROUP:

          Not applicable.



CUSIP No. 45272910                 Page 5 of 5 Pages



Item 10   CERTIFICATION:

          By signing below I certify that, to the best of my
          knowledge and belief, the securities referred to
          above were acquired in the ordinary course of
          business and were not acquired for the purpose of
          and do not have the effect of changing or
          influencing the control of the issuer of such
          securities and were not acquired in connection
          with or as a participant in any transaction having
          such purpose or effect.


SIGNATURE

     After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set
forth in this statement is true, complete and correct.

Date:     as of December 31, 1995

Signature:     BANKERS TRUST NEW YORK CORPORATION


          /s/James T. Byrne, Jr.
By:       James T. Byrne, Jr.
Title:    Secretary




                      EXHIBIT TO ITEM 7

The chain of ownership from Bankers Trust New York
Corporation to Bankers Trust Company is shown below:


             Bankers Trust New York Corporation
                              
                              |
                            100%
                              |
                              
                     Bankers Trust Company