8-K

UNITED STATES

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 22, 2005

BANC ONE HELOC TRUST 1998-1

(Exact name of registrant as specified in its charter)

Laws of the United States	333-03911-10	36-1248602
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

C/O JP Morgan Chase Bank, NA 227 West Monroe St. IL1-0532 Chicago, IL	60606
(Address of principal executive offices)	(Zip Code)

                                312-267-5078                             

Registrant’s telephone number, including area code

C/O Bank One, NA Global Corporate Trust Services 55 West Monroe St. IL1-0481 Chicago, IL	60670-0126
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 - Other Events

Item 8.01 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 22, 2005. 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 information for the current distribution date February 22, 2005.

	Principal		Interest		Ending Balance
Cede & Co.	$	5,009,131.27	$	179,208.68	$	136,463,026.91

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 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

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

The following exhibits are filed as a part of this report:

Exhibit	Description
99.1	Monthly Statement to Certificateholders dated February 22, 2005

SIGNATURE

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/ Philip C. McNiel
	Name:  Philip C. McNiel
	Title:    Vice President

Date:   February 22, 2005

EX-99.1

Exhibit 99.1

ABS Corporation
Banc One Home Equity Loan Trust 1998-1		Page 1
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

CERTIFICATES INFORMATION
	BALANCE		MARGIN
Investors	$850,000,000.00		0.25	%
Transferor	$17,346,931.20		0.00	%
OTHER INFORMATION
Original Pool Balance @ Cut-Off Date	$867,346,931.20
Servicing Fee	0.500	%
Original Settlement Date	9/24/98
First Payment Date	10/20/98
Short Interest Period Days	26
Managed Amortization Period (Months)	60
Required Credit Enhancement Amount Percentage	1.25	%
Required Credit Enhancement Amount	$10,625,000.00
Spread Account Maximum ( % of Invested Amount)	0.25	%
Spread Account Maximum	2,125,000.00
Spread Account Floor ( % of Original Balance)	0.00	%
Spread Account Step-Up 9+ Mths Delinquent Percentage	0.00	%
Initial Insured Amount	$850,000,000.00
Fixed Allocation Percentage	98.00	%
Investor Certificate Principal Balance (ICPB)	0.00	%
Minimum Transferor Interest Percentage	5.00	%
Credit Enhancement Fee	0.105	%
Rapid Amortization Event Trigger (% of Original Pool Balance)	1.000	%
Tail Adjustment	$0.00

ABS Corporation
Banc One Home Equity Loan Trust 1998-1		Page 2
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

INPUT SECTION (PAGE 1 of 1)
MONTH:	77
DISTRIBUTION DATE:	2/22/05
DETERMINATION DATE:	2/16/05
	33
MORTGAGE LOANS PAYMENT SUMMARY
COLLECTION PERIOD:
MTGE LOANS INTEREST RECEIVED	$671,438.98
MTGE LOANS PRINCIPAL RECEIVED	$5,059,447.70
MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST)	$5,764.18
MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC. TO PRINCIPAL)	$0.00
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST)	$0.00
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL)	$0.00
MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST)	$0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST)	$0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL)	$0.00
MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL)	$0.00
MTGE LOANS DRAWS (ADDITIONAL BALANCES)	$2,151,890.51
MTGE LOANS LIQUIDATION LOSS AMOUNT	$71,213.22
MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE	$136,463,026.91
AVERAGE MTGE LOANS RATE	5.8176	%
DELINQUENCY & REO SUMMARY
DEL STAT 1 - NO. OF ACCTS	67
DEL STAT 1 - CURRENT BALANCE	$2,091,085.53
DEL STAT 2 - NO. OF ACCTS	20
DEL STAT 2 - CURRENT BALANCE	$447,081.58
DEL STAT 1+ - NO. OF ACCTS	158
DEL STAT 1+ - CURRENT BALANCE	$5,322,562.08
DEL STAT 3+ - NO. OF ACCTS	71
DEL STAT 3+ - CURRENT BALANCE	$2,784,394.97
REO - NO. OF ACCTS	0
REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE)	$0.00
LOAN MODIFICATION SUMMARY
é        TOTAL CLTV OF OUTSTANDING POOL BALANCE FOR THIS COLLECTION PERIOD.	74.947	%
CUT-OFF DATE WEIGHTED AVERAGE GROSS MARGIN (NOT AN INPUT FIELD)	1.380	%
RECALCULATED WEIGHTED AVERAGE GROSS MARGIN	0.818	%
MAXIMUM AMOUNT OF MARGIN MODIFICATIONS EXECUTED? (NOT AN INPUT FIELD)	YES
OTHER INFORMATION
LIBOR RATE FOR CURRENT INTEREST PERIOD	2.50000	%
INTEREST DEPOSIT INTO SPREAD ACCOUNT (REINVESTMENT)	$0
é        AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL	$0
SURETY BOND IN FORCE ? (YES=1; NO=0)	1

ABS Corporation
Banc One Home Equity Loan Trust 1998-1		Page 3
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Detailed Information (Page 1 of 5)
Distribution Date:	2/22/05
LIBOR Rate (Adjusted two business days prior to previous Distribution Date)	2.50000	%
Average Mtge Loans Net Loan Rate (Effective Rate; Multiply by 360/365)	5.13289	%
Maximum Rate	5.13289	%
Investor Certificate Rate (LIBOR + 25 bps)	2.75000	%
Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0)	0
Interest Period (Days)	33
Beginning Pool Balance	139,441,797.32
Beginning Investor Certificate Principal Balance	71,091,045.43
Beginning Transferor Principal Balance	64,288,634.80
Beginning Invested Amount	75,153,162.52
Investor Floating Allocation Percentage	53.8957	%
Liquidation Loss Amount	71,213.22
Servicing Fee	58,100.75
Mtge Loans Interest (Net of Cut-Off Date Overdue Interest)	671,438.98
Mtge Loans Principal	5,059,447.70
Mtge Loans Net Liquidation Proceeds	5,764.18
Mtge Loans Insurance Proceeds	0.00
Mtge Loans Optional Servicer Advances	0.00
Mtge Loans Purchase Price	0.00
Mtge Loans Transfer Deposit Amount	0.00
Available Funds	5,736,650.86
Mtge Loans Interest	671,438.98
Mtge Loans Net Liquidations Proceeds (Alloc. to Int.)	5,764.18
Mtge Loans Insurance Proceeds (Alloc. to Int.)	0.00
Mtge Loans Optional Servicer Advances (Alloc. to Int.)	0.00
Mtge Loans Purchase Price (Alloc. to Int.)	0.00
Mtge Loans Interest Collections	677,203.16
Mtge Loans Principal	5,059,447.70
Mtge Loans Net Liquidation Proceeds (Alloc. to Princ. & Net of Forecl. Profits)	0.00
Mtge Loans Insurance Proceeds (Alloc. to Princ.)	0.00
Mtge Loans Purchase Price (Alloc. to Princ.)	0.00
Mtge Loans Transfer Deposit Amount	0.00
Mtge Loans Principal Collections	5,059,447.70
Interest Collections	677,203.16
Principal Collections	5,059,447.70
Investor & Transferor Interest & Principal Allocation
Investor Interest Collections	364,983.53
Investor Principal Collections	4,958,258.79
Transferor Interest Collections	312,219.63
Transferor Principal Collections	101,188.91
(Check)	0.00
Investor Loss Amount	38,380.88
Transferor Loss Amount	32,832.34

ABS Corporation
Banc One Home Equity Loan Trust 1998-1		Page 4
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Detailed Information (Page 2 of 5)
Distribution Date:	2/22/05
Investor Interest Collections	364,983.53
less Investor Servicing Fee	31,313.82
less Unpaid Servicing Fee	0.00
less Investor Certificate Interest	179,208.68
less Unpaid Investor Certificate Interest Shortfall	0.00
less Credit Enhancement Premium	6,220.47
less Investor Loss Amount	38,380.88
less Unpaid Investor Loss Amount	0.00
less Unreimbursed Draw Amounts	0.00
Excess Interest	109,859.69
less Accelerated Principal Distribution Amount	12,491.60
less Deposit to (Release from) Spread Account	(12,491.60	)
Remaining Excess Interest	109,859.69
Investor Distributions
Investor Certificate Interest	179,208.68
Managed Amortization Period? (Y=1, N=0)	0
Rapid Amortization Period? (Y=1, N=0)	1
Principal Collections less Additional Balances	2,907,557.19
Alternative Principal Payment	2,907,557.19
Maximum Principal Collections	4,958,258.79
Principal Distribution Amount	4,958,258.79
Investor Loss Amount Distributed to Investors	38,380.88
Excess Interest Paid as Principal	12,491.60
Transferor Distributions
Transferor Interest Collections (net of Transferor Servicing Fee)	285,432.70
Funds Released from Spread Account	0.00
Principal Distributions (including Transferor Principal Collections)	101,188.91
Excess Int. (Shortfall) a/ Interest	185,774.85
Excess Int. (Shortfall) a/ Premium b/ Losses	179,554.38
Excess Int. (Shortfall) a/ Losses	141,173.51
Required Amount	0.00
Required Amount Applied to Overcollateralization Amount	0.00
Draw on Policy	0.00
Investor Certificate Distribution Amount (Excluding Credit Enhancement Draw Amount)	5,188,339.94
Credit Enhancement Draw Amount	0.00
Guaranteed Principal Distribution Amount	0.00
Guaranteed Amount	0.00

ABS Corporation
Banc One Home Equity Loan Trust 1998-1		Page 5
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Detailed Information (Page 3 of 5)
Distribution Date:	2/22/05
Beginning Pool Balance	139,441,797.32
Interest Distribution	677,203.16
Principal Distribution	5,059,447.70
Additional Balances	2,151,890.51
Liquidation Loss Amount	71,213.22
Ending Pool Balance	136,463,026.91
Beginning Investor Certificate Principal Balance	71,091,045.43
Investor Certificate Interest	179,208.68
Unpaid Investor Certificate Interest Shortfall distributed	0.00
Investor Certificate Principal	5,009,131.27
Ending Investor Certificate Principal Balance	66,081,914.16
Pool Factor	0.0777434
Beginning Transferor Balance	64,288,634.80
Interest Distribution (including funds released from Spread Account)	312,219.63
Principal Distribution (including Unallocated Transferor Principal Collections)	101,188.91
Additional Balances	2,151,890.51
Losses allocated to Transferor	32,832.34
Ending Transferor Balance	66,306,504.06
Minimum Transferor Interest	6,823,151.35
Transferor Principal Collections Unallocated due to Minimum Transferor Interest (held in Coll. Acct.)	0.00
Total Unallocated Transferor Principal Collections held in Collection Account	0.00
Beginning Invested Amount	75,153,162.52
Principal Distribution Amount	4,958,258.79
Investor Loss Reduction Amount	38,380.88
Ending Invested Amount	70,156,522.85
Beginning Total OC Amount	4,062,117.09
Ending Total OC Amount	4,074,608.69
Ending Total OC Amount (% of Original Invested Amount)	0.48	%
Spread Account Cap Amount	175,391.31
Beginning Spread Account Balance	187,882.91
Draw from Account to Pay Credit Enhancer	0.00
Deposit to (Release from)	(12,491.60	)
Ending Spread Account Balance	175,391.31
Ending Spread Account Balance (% of Ending Invested Amount)	0.25	%
Amount Released from Spread Account	0.00
Unreimbursed Draw on Surety Bond	0.00

ABS Corporation
Banc One Home Equity Loan Trust 1998-1		Page 6
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Detailed Information (Page 4 of 5)
Distribution Date:	2/22/05
Beginning Insured Principal Amount	$71,091,045.43
Ending Insured Principal Amount	$66,081,914.16
Available Credit Enhancement	0.49	%
Investor Distribution Amount	5,188,339.94
Transferor Distribution Amount (incl. Excess Cash Rel. From SA)	386,621.61
Investor Loss Amount Reimbursed from Excess Interest	38,380.88
Investor Loss Amount Reimbursed from Policy Draw	0.00
Investor Loss Amount Allocated to OC	0.00
Investor Loss Amount Unreimbursed	0.00
Unreimbursed Loss Amount Distributed	0.00
Cum. Accelerated Principal Distribution Amount	4,074,608.69
Cum. Principal Payments (Including ECPB & APDA)	783,918,085.84
Cum. Principal Payments (Excluding ECPB & APDA)	779,830,985.55
Cum. OC Amount	4,074,608.69
Cum. SA Deposits	175,391.31
Cum. Liquidation Losses	14,579,320.82
Cum. Investor Loss Reduction Amount	0.00
Cum. Purchase Price of Repurchased Loans (Alloc. to Principal)	0.00
Cum. Guaranteed Principal Distribution Amount	0.00
Cum. Credit Enhancement Draw Amount	0.00
Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin)	0.562	%
Accrued but Unpaid a/ Distribution
Servicing Fee	0.00
Investor Certificate Interest	0.00
Credit Enhancement Premium	0.00
Unreimbursed Draw Amounts	0.00

ABS Corporation
Banc One Home Equity Loan Trust 1998-1	Page 7
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Detailed Information (Page 5 of 5)
Distribution Date:	2/22/05
SOURCES OF FUNDS:
Mtge Loans Interest	671,438.98
Mtge Loans Net Liq. Proceeds (Alloc. to Int. & Incl. Rec. Charge-Offs)	5,764.18
Mtge Loans Insurance Proceeds (Alloc. to Int.)	0.00
Mtge Loans Purchase Price (Alloc. to Int.)	0.00
Mtge Loans Principal	5,059,447.70
Mtge Loans Net Liq. Proceeds (Alloc. to Princ.)	0.00
Mtge Loans Insurance Proceeds (Alloc. to Princ.)	0.00
Mtge Loans Purchase Price (Alloc. to Princ.)	0.00
Mtge Loans Transfer Deposit Amount	0.00
Reinvestment Earnings	0.00
Draw on Policy	0.00
Total	5,736,650.86
USES OF FUNDS
Servicing Fee	58,100.75
Investor Interest Distribution	179,208.68
Accrued and Unpaid Investor Interest Distributed	0.00
Investor Principal Distribution	5,009,131.27
Transferor Distribution (not including Cash Released to Transferor)	386,621.61
Unallocated Transferor Principal Collections	0.00
Accrued and Unpaid Servicing Fee Distributed	0.00
Credit Enhancement Premium Distributed	6,220.47
Cash Deposited to (Released from) Spread Account	(12,491.60	)
Cash Released to Transferor	109,859.69
Total	5,736,650.86
PERFORMANCE PARAMETERS
Aggregate Amount of Locked Balances	1,780,352.41
Aggregate Amount of Locked Balances - %	1.305	%
Portfolio CLTV as of the End of the Collection Period	74.947	%
Amount of Pool Balance Offered the “Skip-a-Pay Program”	0.00
Percentage of Pool Balance Offered the “Skip-a-Pay Program”	0.00	%
Number of Accounts Accepting the “Skip-a-Pay Program”	0
Aggregate Principal Balance of Accounts Accepting the “Skip-a-Pay Program”	0.00
ERROR CHECK
Sources & Uses	OK
Pool Balance	OK
Transferor Balance	OK
Loss Allocation	OK
Overcollateralization	OK
Balance Reduction	OK
Distribution List:
Bill Marshall, JPMorgan Chase Bank, N.A.

ABS Corporation
Banc One Home Equity Loan Trust 1998-1	Page 8
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Servicer Certificate (Page 1 of 3)
Distribution Date:	2/22/05
A.       POOL INFORMATION
Aggregate Amount of Collections	5,736,650.86
Aggregate Amount of Interest Collections	677,203.16
Aggregate Amount of Principal Collections	5,059,447.70
Transfer Deposit Amount	0.00
Beginning Pool Balance	139,441,797.32
Ending Pool Balance	136,463,026.91
Additional Balances	2,151,890.51
Cum. Modifications to Credit Limits ($ of Initial Credit Limits)	$0.00
Cum. Modifications to Credit Limit (% of Initial Credit Limits)	0.00	%
Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin)	0.562	%
Servicing Fee	58,100.75
Unpaid Servicing Fee Received	0.00
Remaining Accrued and Unpaid Servicing Fee	0.00
B.       INTEREST, PRINCIPAL & LOSS ALLOCATION
Investor Certificateholder Floating Allocation Percentage	53.90	%
Investor Certificateholder Fixed Allocation Percentage	98.00	%
Investor Interest Collections	364,983.53
Investor Principal Collections	4,958,258.79
Transferor Interest Collections	312,219.63
Transferor Principal Collections	101,188.91
Investor Loss Amount	38,380.88
Beginning Invested Amount	75,153,162.52
Ending Invested Amount	70,156,522.85
C.       INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed	179,208.68
Investor Certificate Interest Shortfall b/ any Draw on Policy	0.00
Unpaid Investor Certificate Interest Shortfall Received	0.00
Unpaid Investor Certificate Interest Shortfall Remaining	0.00
Principal Distribution Amount	4,958,258.79
Managed Amortization Period? (Yes=1; No=0)	0
Rapid Amortization Period? (Yes=1; No=0)	1
Maximum Principal Collections Payment	4,958,258.79
Alternative Principal Payment	2,907,557.19
Principal Collections less Additional Balances	2,907,557.19
Investor Loss Amount Distributed to Investors	38,380.88
Accelerated Principal Distribution Amount	12,491.60
D.       INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Certificate Principal Balance	71,091,045.43
Ending Certificate Principal Balance	66,081,914.16
Pool Factor	0.0777434

ABS Corporation
Banc One Home Equity Loan Trust 1998-1	Page 9
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Servicer Certificate (Page 2 of 3)
Distribution Date:	2/22/05
E.       DISTRIBUTIONS TO TRANSFEROR
Interest Distribution	312,219.63
Principal Distribution	101,188.91
Amount Distributed to Transferor	0.00
F.       TRANSFEROR BALANCE
Beginning Transferor Principal Balance	64,288,634.80
Ending Transferor Principal Balance	66,306,504.06
Minimum Transferor Balance	6,823,151.35
G.       INVESTOR CERTIFICATE RATE
Investor Certificate Rate	2.75000	%
LIBOR Rate	2.50000	%
Maximum Rate	5.13289	%
Weighted Average Mortgage Net Loan Rate	5.13289	%
H.       CREDIT ENHANCEMENT
Credit Enhancement Fee	6,220.47
Guaranteed Amount	0.00
Guaranteed Principal Distribution Amount	0.00
Credit Enhancement Draw Amount	0.00
I.        SPREAD ACCOUNT
Beginning Spread Account Balance	187,882.91
Ending Spread Account Balance	175,391.31
Amount to be distributed to (Released from) the Spread Account	(12,491.60	)
Amount Released from Spread Account	0.00
Spread Account Maximum	175,391.31
J.        DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts	67
Trust Balances	2,091,085.53
Delinquent 60-89 days
No. of Accounts	20
Trust Balances	447,081.58
Delinquent 90+ days
No. of Accounts	71
Trust Balances	2,784,394.97
Delinquent 9+ months
No. of Accounts	0
Trust Balances	0.00
REO
No. of Accounts	0
Trust Balances	0.00

ABS Corporation
Banc One Home Equity Loan Trust 1998-1	Page 10
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Servicer Certificate (Page 3 of 3)
Distribution Date:	2/22/05
K.       EVENT OF DEFAULT TRIGGERS	0
Failure by Seller to make payment within 5 Business Days of Required Date ?	0
Failure by Seller to perform any covenants described in the Agreement ?	0
Bankruptcy or Insolvency relating to Servicer ?	0
L.       RAPID AMORTIZATION EVENT TRIGGERS	0
Failure by Seller to make payment within 3 Business Days of Required Date ?	0
Breach of Representation or Warranty by Seller or Depositor?	0
Bankruptcy or Insolvency relating to Transferor ?	0
Subject to Investment Company Act of 1940 Regulation ?	0
Any Event of Default ?	0
Draws Under Policy are Greater than 1% of Initial Pool Principal Balance?	0

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 16th day of February 2005

JPMorgan Chase Bank, N.A. (formerly Bank One, N.A.)

as Servicer

/s/ Philip C. McNiel

Philip C. McNiel

Vice President

        Distribution List:

MBIA

Bill Marshall, JPMorgan Chase Bank, N.A.

Moody’s Investors Service

Standard & Poor’s Corp.

ABS Corporation
Banc One Home Equity Loan Trust 1998-1	Page 11
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Statement to Certificateholders (Page 1 of 2)
Distribution Date:	2/22/05
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A.       INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed	0.210834
Investor Certificate Interest Shortfall Distributed	0.000000
Remaining Unpaid Investor Certificate Interest Shortfall	0.000000
Managed Amortization Period ? (Yes=1; No=0)	0
Investors Certificate Principal Distributed	5.893096
Principal Distribution Amount	5.833246
Maximum Principal Payment	5.833246
Alternative Principal Payment	3.420656
Principal Collections less Additional Balances	3.420656
Investor Loss Amount Distributed to Investors	0.045154
Accelerated Principal Distribution Amount	0.014696
Credit Enhancement Draw Amount	0.00
Total Amount Distributed to Certificateholders (P & I)	6.103929
B.       INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance	71,091,045.43
Ending Investor Certificate Balance	66,081,914.16
Beginning Invested Amount	75,153,162.52
Ending Invested Amount	70,156,522.85
Investor Certificateholder Floating Allocation Percentage	53.8957	%
Pool Factor	0.0777434
Liquidation Loss Amount for Liquidated Loans	71,213.22
Unreimbursed Liquidation Loss Amount	0.00
C.       POOL INFORMATION
Beginning Pool Balance	139,441,797.32
Ending Pool Balance	136,463,026.91
Servicing Fee	58,100.75
D.       INVESTOR CERTIFICATE RATE
Investor Certificate Rate	2.750000	%
LIBOR Rate	2.500000	%
Maximum Rate	5.132892	%
E.       DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts	67
Trust Balances	2,091,085.53
Delinquent 60-89 days
No. of Accounts	20
Trust Balances	447,081.58
Delinquent 90+ days
No. of Accounts	71
Trust Balances	2,784,394.97
Delinquent 9+ Months
No. of Accounts	0
Trust Balances	0
REO
No. of Accounts	0
Trust Balances	0.00

ABS Corporation
Banc One Home Equity Loan Trust 1998-1	Page 12
P & S Agreement Date:	August 31, 1998
Original Settlement Date:	September 24, 1998
Series Number of Certificates:
Original Collateral Sale Balance	$867,346,931.20

Statement to Certificateholders (Page 2 of 2)
Distribution Date:	2/22/05

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 16th day of February 2005

JPMorgan Chase Bank, N.A. (formerly Bank One, N.A.)

as Servicer

/s/ Philip C. McNiel

Philip C. McNiel

Vice President

        Distribution List:

Bill Marshall, JPMorgan Chase Bank, N.A.