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) February 20, 2001 BANC ONE HELOC TRUST 1998-1 (Exact name of registrant as specified in its charter) United States 	333-03911-01 		36-1248602 (State or Other	(Commission File 	(I.R.S. Employer Jurisdiction	Number) 		Identification No.) of Incorporation) c/o Bank One, National Association Corporate Trust Services Division - 9th floor 1 N. State Street, Chicago IL (Address of Principal Executive Offices) 60670-0126 (Zip Code) Registrant's telephone number, including area code:		312-336-9730 Item 5.	Other Events On behalf of Banc One HELOC Trust 1998-1, a Trust created pursuant to the Pooling Agreement, dated August 31, 1998, the Paying Agent has caused to be filed with the Commission, the Monthly Report dated February 20, 2001. The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. The filing of the Monthly Report will occur subsequent to each monthly distribution to the holders of the Trust's Investor Certificates. A.	Monthly Report Information: Aggregate distribution information 	for the current distribution date February 20, 2001. 		Principal		 Interest		Ending Balance Cede & Co.	$7,882,484.90		$2,462,613.78		$ 494,403,454.00 B.	No delinquency in payment under the Transferor Certificate, or 	the MBIA Insurance Policy has occurred. C.	Have any deficiencies occurred? NO. Date: Amount: D.	Were any amounts paid or are any amounts payable under the 	MBIA Insurance Policy? NO Amount: E.	Are there any developments with respect to the MBIA Insurance 	Policy? NONE. F.	Item 1: Legal Proceedings: NONE G.	Item 2: Changes in Securities: NONE H.	Item 4: Submission of Matters to a Vote of Security Holders: NONE I.	Item 5: Other Information - Items 1, 2, 4, 5 if applicable: NOT 	APPLICABLE Item 7.	Monthly Statements and Exhibits Exhibit No. 1.	Monthly Statement to Certificateholders dated February 20, 2001 	Statement to Certificateholders (Page 1 of 2) 	Distribution Date:						2/20/01 		INVESTOR CERTIFICATES DISTRIBUTION SUMMARY 		(PER $1000 ORIGINAL PRINCIPAL AMOUNT) 	A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS 		Investor Certificate Interest Distributed		2.897193 		Investor Certificate Interest Shortfall Distributed	0.000000 		Remaining Unpaid Investor Certificate Interest Shortfall 0.000000 		Managed Amortization Period ? (Yes=1; No=0) 1 		Investors Certificate Principal Distributed 9.273512 		 Principal Distribution Amount 9.015886 		 Maximum Principal Payment 19.766833 		 Alternative Principal Payment 9.015886 		 Principal Collections less Additional Balances	9.015886 		 Investor Loss Amount Distributed to Investors	0.234500 		 Accelerated Principal Distribution Amount	0.023126 		 Credit Enhancement Draw Amount		0.00 		Total Amount Distributed to Certificateholders (P & I) 12.170704 	B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE 		Beginning Investor Certificate Balance	502,285,938.89 		Ending Investor Certificate Balance	494,403,454.00 		Beginning Invested Amount		511,631,859.25 		Ending Invested Amount			503,769,031.42 		Investor Certificateholder Floating Allocation Percentage	96.7463% 		Pool Factor					0.5816511 		Liquidation Loss Amount for Liquidated Loans 	206,028.36 		Unreimbursed Liquidation Loss Amount		0.00 	C.	POOL INFORMATION 		Beginning Pool Balance	528,838,433.13 		Ending Pool Balance	520,968,901.85 		Servicing Fee		220,349.35 	D.	INVESTOR CERTIFICATE RATE 		Investor Certificate Rate 6.086250% 		LIBOR Rate	5.836250% 		Maximum Rate	9.672556% 	E.	DELINQUENCY & REO STATUS 		Delinquent 30-59 days 		 No. of Accounts	203 		 Trust Balances	6,225,091.00 		Delinquent 60-89 days 		 No. of Accounts	65 		 Trust Balances	2,154,785.00 		Delinquent 90+ days 		 No. of Accounts	97 		 Trust Balances	3,591,549.00 		Delinquent 9+ Months 		 No. of Accounts	0 		 Trust Balances	0.00 		REO 		 No. of Accounts	0 		 Trust Balances	0.00 	Statement to Certificateholders (Page 2 of 2) 	Distribution Date:						2/20/01 		IN WITNESS WHEREOF, the undersigned has caused 		this Certificate to be duly executed and certifies to the 	best of her knowledge and belief that information is true 		and correct this 14th day of February, 2001 		 Bank One, N.A. 		 as Servicer 			/s/ Tracie Klein 		 _______________________________________ 		 Tracie Klein 		 Vice President 	Distribution List: 	" Keith Richardson - Bank One, N.A." 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 thereunto duly authorized. BANC ONE HELOC TRUST 1998-1 By /s/ Keith Richardson Name:	Keith Richardson Dated February 20, 2000