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