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 20, 1999 BANC ONE HELOC TRUST 1998-1 (Exact name of registrant as specified in its charter) OHIO 			333-0391101 		 36-1248602 (State or Other Jurisdiction	(Commission File (I.R.S. Employer of Incorporation)			 Number)			 Identification No.) c/o The First National Bank of Chicago. Corporate Trust Services Division - 9th floor 1 N. State Street, Chicago IL				 60670-0126 (Address of Principal Executive Offices)				 (Zip Code) Registrant's telephone number, including area code:		312/407-1902 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 20, 1999. 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 20, 1999. Principal		Interest		Ending Balance Cede & Co.	$31,457,241.42	$3,836,999.45	$ 760,952,375.93 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 20, 1999 Statement to Certificateholders (Page 1 of 2)			 			 Distribution Date:		12/21/98 	1/20/99 			 	INVESTOR CERTIFICATES DISTRIBUTION SUMMARY		 	(per $1000 original principal amount)		 A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS		 			 	Investor Certificate Interest Distributed	 4.369860 	4.514117 	Investor Certificate Interest Shortfall Distributed	 0.000000 	0.000000 	Remaining Unpaid Investor Certificate Interest Shortfall	 0.000000 	0.000000 			 	Managed Amortization Period ? (Yes=1; No=0)	 1	1 	Investors Certificate Principal Distributed	 23.267222 	37.008519 	 Principal Distribution Amount	 20.687793 	34.857665 	 Maximum Principal Payment	 48.775657 	58.445824 	 Alternative Principal Payment	 20.687793 	34.857665 	 Principal Collections less Additional Balances	 20.687793 	34.857665 	 Investor Loss Amount Distributed to Investors	 0.014517 	0.036887 	 Accelerated Principal Distribution Amount	 2.564912 	2.113967 	 Credit Enhancement Draw Amount	 0.00 	0.00 			 	Total Amount Distributed to Certificateholders (P & I)	 27.637082 	41.522636 			 B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE		 			 	Beginning Investor Certificate Balance	 "812,186,756.10 "	"792,409,617.35 " 	Ending Investor Certificate Balance	 "792,409,617.35 "	"760,952,375.93 " 	Beginning Invested Amount	"816,670,183.71 "	 "799,073,220.08 " 	Ending Invested Amount	"799,073,220.08 "	 "769,412,850.86 " 	Investor Certificateholder Floating Allocation Percentage	 97.9201% 	97.8753% 	Pool Factor	 0.9322466 	0.8952381 	Liquidation Loss Amount for Liquidated Loans	 "12,601.52 "	"32,034.63 " 	Unreimbursed Liquidation Loss Amount	 0.00 	0.00 			 C.	POOL INFORMATION		 			 	Beginning Pool Balance	 "834,017,114.91 "	"816,419,889.18 " 	Ending Pool Balance	 "816,419,889.18 "	"786,758,839.31 " 	Servicing Fee	 "347,507.13 "	"340,174.95 " 			 D.	INVESTOR CERTIFICATE RATE		 			 	Investor Certificate Rate	 5.310940% 	5.810630% 	LIBOR Rate	 5.060940% 	5.560630% 	Maximum Rate	 8.625992% 	8.532293% 			 E.	DELINQUENCY & REO STATUS		 			 	Delinquent 30-59 days		 	 No. of Accounts	 93 	118 	 Trust Balances	 "2,506,964.00 "	"3,200,917.00 " 	Delinquent 60-89 days		 	 No. of Accounts	 25 	27 	 Trust Balances	 "699,461.00 "	"822,076.00 " 	Delinquent 90+ days		 	 No. of Accounts	 14 	25 	 Trust Balances	 "623,652.00 "	"904,934.00 " 	Delinquent 9+ Months		 	 No. of Accounts	 0 	0 	 Trust Balances	 0 	0 	REO		 	 No. of Accounts	 0 	0 	 Trust Balances	 0.00 	0.00 Statement to Certificateholders (Page 2 of 2)			 			 Distribution Date:		12/21/98 	1/20/99 			 "IN WITNESS WHEREOF, the undersigned has caused this Certificate"	 "to be duly executed this 18th day of January, 1999"		 			 			 	" Bank One, NA"		 	 as Servicer		 			 	 _______________________________________		 			 	 Tracie Klein		 	 Vice President		 	Distribution List:		 				 	 Barbara Grosse - First National Bank of Chicago	 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 _______________________________________ Name:	Barbara Grosse Title: Vice President Dated January 31, 1999