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, 2003
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, 2003.
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, 2003.
		   Principal	 Interest		Ending Balance
Cede & Co.	$7,255,689.56	$306,196.70		$242,782,021.03



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, 2003


Statement to Certificateholders (Page 1 of 2)

Distribution Date: 2/20/03
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY
(PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 0.360231
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 8.536105
Principal Distribution Amount 8.479357
Maximum Principal Payment 14.084611
Alternative Principal Payment 8.479357
Principal Collections less Additional Balances 8.479357
Investor Loss Amount Distributed to Investors 0.253232
Accelerated Principal Distribution Amount -0.196483
Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P & I) 8.896337
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 228,044,088.05
Ending Investor Certificate Balance 220,788,398.49
Beginning Invested Amount 233,293,184.71
Ending Invested Amount 225,870,484.39
Investor Certificateholder Floating Allocation Percentage 93.2351%
Pool Factor 0.2597511
Liquidation Loss Amount for Liquidated Loans 230,864.92
Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance 250,220,339.13
Ending Pool Balance 242,782,021.03
Servicing Fee 104,258.47
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 1.611250%
LIBOR Rate 1.361250%
Maximum Rate 4.477608%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 119
Trust Balances 3,580,205.89
Delinquent 60-89 days
No. of Accounts 52
Trust Balances 1,587,819.67
Delinquent 90+ days
No. of Accounts 132
Trust Balances 4,935,668.06
Delinquent 9+ Months
No. of Accounts 0
Trust Balances 0
REO
No. of Accounts 0
Trust Balances 0.00

IN WITNESS WHEREOF, the undersigned has caused this Certificate
to be duly executed and certifies to the best of his knowledge and
belief that information is true and correct this 17th day of February 2003

		       Bank One, N.A.
		       as Servicer

			/s/ Michael J. Grubb
		       _______________________________________

		 	 Michael J. Grubb
		       First 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, 2003