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, 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 February 20, 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 February 20, 2002.
		   Principal	 Interest		Ending Balance
Cede & Co.	$10,798,935.20	$522,342.04		$315,247,375.81
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, 2002

Statement to Certificateholders (Page 1 of 2)

Distribution Date:						2/20/02

	INVESTOR CERTIFICATES DISTRIBUTION SUMMARY
	(PER $1000 ORIGINAL PRINCIPAL AMOUNT)

A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

	Investor Certificate Interest Distributed		0.614520
	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	12.704630
	  Principal Distribution Amount			12.591799
	     Maximum Principal Payment			19.862269
	     Alternative Principal Payment			12.591799
	     Principal Collections less Additional Balances  12.591799
	  Investor Loss Amount Distributed to Investors 	0.405265
	  Accelerated Principal Distribution Amount	-0.292434
	  Credit Enhancement Draw Amount	0.00

	Total Amount Distributed to Certificateholders (P & I)  13.319150

B. INVESTOR CERTIFICATE PRINCIPAL BALANCE

	Beginning Investor Certificate Balance  326,046,311.01
	Ending Investor Certificate Balance	315,247,375.81
	Beginning Invested Amount		333,551,213.31
	Ending Invested Amount			322,503,709.27
	Investor Certificateholder Floating Allocation Percentage	95.1194%
	Pool Factor					0.3708793
	Liquidation Loss Amount for Liquidated Loans	362,150.34
	Unreimbursed Liquidation Loss Amount	0.00

C.	POOL INFORMATION

	Beginning Pool Balance	350,665,908.43
	Ending Pool Balance	339,600,729.18
	Servicing Fee		146,110.80

D.	INVESTOR CERTIFICATE RATE

	Investor Certificate Rate	1.988750%
	LIBOR Rate		1.738750%
	Maximum Rate	5.055295%

E.	DELINQUENCY & REO STATUS

	Delinquent 30-59 days
	    No. of Accounts	144
	   Trust Balances		4,647,228.32
	Delinquent 60-89 days
	    No. of Accounts	78
	   Trust Balances		2,393,365.36
	Delinquent 90+ days
	    No. of Accounts	152
	   Trust Balances		5,821,277.94
	Delinquent 9+ Months
	    No. of Accounts		0
	REO
	    No. of Accounts		0
	   Trust Balances		0.00


Statement to Certificateholders (Page 2 of 2)

Distribution Date:						2/20/02

	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 15th day of February, 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 February 20, 2002