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) January 22, 2002 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 January 22, 2002. 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 January 22, 2002. 		 Principal	 Interest		Ending Balance Cede & Co.	$13,318,768.31	$678,942.26		$326,046,311.01 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 January 22, 2002 Statement to Certificateholders (Page 1 of 2) Distribution Date:						1/22/02 	INVESTOR CERTIFICATES DISTRIBUTION SUMMARY 	(PER $1000 ORIGINAL PRINCIPAL AMOUNT) A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS 	Investor Certificate Interest Distributed	0.798756 	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	15.669139 	 Principal Distribution Amount			15.628826 	 Maximum Principal Payment 			22.660558 	 Alternative Principal Payment			15.628826 	 Principal Collections less Additional Balances	15.628826 	 Investor Loss Amount Distributed to Investors		0.400984 	 Accelerated Principal Distribution Amount		-0.360671 	 Credit Enhancement Draw Amount				0.00 	Total Amount Distributed to Certificateholders (P & I)	16.467895 B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE 	Beginning Investor Certificate Balance 339,365,079.32 	Ending Investor Certificate Balance	 326,046,311.01 	Beginning Invested Amount	 347,176,551.73 	Ending Invested Amount	 333,551,213.31 	Investor Certificateholder Floating Allocation Percentage	95.2975% 	Pool Factor	0.3835839 	Liquidation Loss Amount for Liquidated Loans	357,655.08 	Unreimbursed Liquidation Loss Amount		0.00 C.	POOL INFORMATION 	Beginning Pool Balance	364,308,065.51 	Ending Pool Balance	350,665,908.43 	Servicing Fee		151,795.03 D.	INVESTOR CERTIFICATE RATE 	Investor Certificate Rate	2.182500% 	LIBOR Rate				1.932500% 	Maximum Rate			5.305490% E.	DELINQUENCY & REO STATUS 	Delinquent 30-59 days 	 No. of Accounts	180 	 Trust Balances		5,495,457.78 	Delinquent 60-89 days 	 No. of Accounts	81 	 Trust Balances		2,674,637.95 	Delinquent 90+ days 	 No. of Accounts	155 	 Trust Balances		5,979,951.41 	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:						1/22/02 	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 16th day of January, 2002 		 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 January 22, 2002