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) April 20, 2001

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 April 20, 2001.
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 April 20, 2001.
		Principal		  Interest		Ending Balance
Cede & Co.	$18,091,504.31	$2,178,568.84		$463,116,468.43

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 April 20, 2001






	Statement to Certificateholders (Page 1 of 2)

	Distribution Date:						4/20/01

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

	A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS

		Investor Certificate Interest Distributed			2.563022
		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		21.284123
		  Principal Distribution Amount			21.087063
		     Maximum Principal Payment			30.248450
		     Alternative Principal Payment			21.087063
		     Principal Collections less Additional Balances	21.087063
		  Investor Loss Amount Distributed to Investors	0.143982
		  Accelerated Principal Distribution Amount		0.053078
		  Credit Enhancement Draw Amount			0.00

		Total Amount Distributed to Certificateholders (P & I)	23.847145

	B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE

		Beginning Investor Certificate Balance	481,207,972.74
		Ending Investor Certificate Balance		463,116,468.43
		Beginning Invested Amount			490,606,456.60
		Ending Invested Amount			472,560,068.26
		Investor Certificateholder Floating Allocation Percentage	96.6153%
		Pool Factor					0.5448429
		Liquidation Loss Amount for Liquidated Loans	126,672.16
		Unreimbursed Liquidation Loss Amount		0.00

	C.	POOL INFORMATION

		Beginning Pool Balance		507,793,895.70
		Ending Pool Balance			489,743,219.85
		Servicing Fee				211,580.79

	D.	INVESTOR CERTIFICATE RATE

		Investor Certificate Rate		5.257500%
		LIBOR Rate				5.007500%
		Maximum Rate			8.703121%

	E.	DELINQUENCY & REO STATUS

		Delinquent 30-59 days
		    No. of Accounts		178
		   Trust Balances		5,837,547.00
		Delinquent 60-89 days
		    No. of Accounts		49
		   Trust Balances		1,689,646.00
		Delinquent 90+ days
		    No. of Accounts		99
		   Trust Balances		3,728,637.00
		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:						4/20/01

		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 17th day of April, 2001


		       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 April 20, 2000