UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C. 20549



                                          FORM 10-K


  (Mark one)

  /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 2003

      OR



  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


      Commission File Number:  333-104046-01


        Morgan Stanley Dean Witter Credit Corp
        HELOC Asset-Backed Notes,
        Series 2003-1

     (Exact name of registrant as specified in its charter)


   New York                                          N/A
  (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                    Identification No.)

   c/o Wells Fargo Bank, NA
   9062 Old Annapolis Road
   Columbia, MD                                21045
  (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code: (410) 884-2000


  Securities registered pursuant to Section 12(b) of the Act:

       NONE.



  Securities registered pursuant to Section 12(g) of the Act:

       NONE.



  Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange
  Act of 1934 during the preceding 12 months (or for such shorter period
  that the registrant was required to file such reports), and (2) has been
  subject to such filing requirements for the past 90 days.

      Yes  X       No ___







  Indicate by check mark if disclosure of delinquent filers pursuant to
  Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
  herein, and will not be contained, to the best of registrant's knowledge,
  in definitive proxy or information statements incorporated by reference
  in Part III of this Form 10-K or any amendment to this Form 10-K.

         Not applicable.

  Indicate by check mark whether the registrant is an accelerated filer
  (as defined in Exchange Act Rule 12b-2).
    Yes___       No X






  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates computed by reference to the price at which
  the common equity was last sold, or the average bid and asked price of
  such common equity, as of the last business day of the registrant's most
  recently completed second fiscal quarter.

         Not applicable.








  Indicate the number of shares outstanding of each of the registrant's
  classes of common stock, as of the latest practicable date.

         Not applicable.



  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

         Not applicable.










                                   PART I

  Item 1.  Business.

            Omitted.

  Item 2.  Properties.

            See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information
            provided in lieu of information required by Item 102 of
            Regulation S-K.



  Item 3.  Legal Proceedings.

            The registrant knows of no material pending legal proceedings
            involving the trust created under the Pooling and Servicing
            Agreement (the Trust), the Trustee, the Servicer or the
            registrant with respect to the Trust other than routine
            litigation incidental to the duties of the respective parties.





  Item 4.  Submission of Matters to a Vote of Security Holders.


            None.

                                PART II


  Item 5.  Market for Registrant's Common Equity and Related Stockholder
           Matters.


            No established public trading market for the Certificates exists.

            Records provided to the Trust by the DTC and the Trustee
            indicate that as of December 31, 2003, the number of holders of
            record for each class of Certificate were as follows:


             Class MBIA                           1
             Class Note                          21

             Total:                              22


  Item 6.  Selected Financial Data.

            Omitted.


  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operation.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.

  Item 8.  Financial Statements and Supplementary Data.

            See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information
            provided in lieu of information required by Item 302 of
            Regulation S-K.




  Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

            None.

  Item 9A. Controls and Procedures.

            Not applicable.


                                PART III


  Item 10. Directors and Executive Officers of the Registrant.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.


  Item 12. Security Ownership of Certain Beneficial Owners and Management.

            Not applicable.


  Item 13. Certain Relationships and Related Transactions.

            Not applicable.

  Item 14. Principal Accounting Fees and Services.

            Not applicable.

                                PART IV


  Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

   (a) Exhibits

     (31.1) Rule 13a-14(a)/15d-14(a) Certification


     (99.1) Annual Independent Accountants' Servicing Reports concerning
            servicing activities for the year ended December 31, 2003.

       <TABLE>

       
         <c>
       a) Morgan Stanley Dean Witter Credit Corp., as Servicer <F1>
       </TABLE>

     (99.2) Report of Management as to Compliance with Minimum Servicing
            Standards for the year ended December 31, 2003.

       <TABLE>

       
        <c>
       a) Morgan Stanley Dean Witter Credit Corp., as Servicer <F1>
       </TABLE>

     (99.3) Annual Statements of Compliance under the Pooling and Servicing
            Agreements for the year ended December 31, 2003.

       <TABLE>

       
         <c>
       a) Morgan Stanley Dean Witter Credit Corp., as Servicer <F1>
       </TABLE>


     (99.4) Aggregate Statement of Principal and Interest Distributions to
            Certificate Holders.


   (b)  On November 10, 2003, December 9, 2003, and January 9, 2004 reports on
        Form 8-K were filed by the Company in order to provide the statements
        for the monthly distributions to holders of the Certificates. No other
        reports on Form 8-K have been filed during the last quarter of the
        period covered by this report.




   (c) Not applicable.


   (d) Omitted.

  <F1> Filed herewith.





                                SIGNATURES


  Pursuant to the requirements of Section 13 or 15(d) 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:



     Morgan Stanley Dean Witter Credit Corp
     HELOC Asset-Backed Notes
     Series 2003-1
     (Registrant)



  Signed: Morgan Stanley Dean Witter Credit Corp. as Servicer


  By:  David L. Bianucci as Vice President and Treasurer

  By: /s/ David L. Bianucci

  Dated: March 29, 2004



  SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
  SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
  SECURITIES PURSUANT TO SECTION 12 OF THE ACT.


  (a)(i) No annual report is provided to the Certificateholders other than
  with respect to aggregate principal and interest distributions.


  (a)(ii) No proxy statement, form of proxy or other proxy soliciting
  material has been sent to any Certificateholder with respect to any
  annual or other meeting of Certificateholders.

  Exhibit Index

  Exhibit No.

  Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification


  Re:  The Servicing Agreement dated as of May 1, 2003, among Morgan
  Stanley Dean Witter Credit Corporation, as Servicer, MSDWCC HELOC Trust
  2003-1, as Issuer, and Wells Fargo Bank, National Association,
  as Indenture Trustee

  I, David L. Bianucci, a Vice President and Treasurer of Morgan Stanley Dean
  Witter Credit Corp.,certify that:

  1. I have reviewed this annual report on Form 10-K, and all reports on
     Form 8-K containing distribution date reports filed in respect of
     periods included in the year covered by this annual report, of the
     Trust Morgan Stanley Dean Witter Credit Corp HELOC Asset-Backed Notes,
     Series 2003-1 Trust;

  2. Based on my knowledge, the information in these reports, taken as a
     whole, does not contain any untrue statement of a material fact or
     omit to state a material fact necessary to make the statements made,
     in light of the circumstances under which such statements were made,
     not misleading as of the last day of the period covered by this
     annual report;

  3. Based on my knowledge, the servicing information required to be
     provided to the Indenture Trustee by the servicer under the servicing
     agreement for inclusion in these reports is included in these reports;


  4. I am responsible for reviewing the activities performed by the
     Servicer under the pooling and servicing, or similar, agreement
     and based upon my knowledge and the annual compliance review required
     under that agreement, and except as disclosed in the reports, the Servicer
     has fulfilled its obligations under that agreement; and

  5. The reports disclose all significant deficiencies relating to the
     servicer's compliance with the minimum servicing standards based upon
     the report provided by an independent public accountant, after
     conducting a review in compliance with the Uniform Single Attestation
     Program for Mortgage Bankers that is included in these reports.

     Wells Fargo Bank, N.A. as Indenture Trustee.

     Date: March 29, 2004

     /s/ David L. Bianucci
     Signature

     Vice President and Treasurer
     Title

  Ex-99.1 (a)

Deloitte

Deloitte & Touche LLP
Two Prudential Plaza
180 North Tetson Avenue
Chicago, IL 60601-6710
USA

Tel: +1 312-946-3000
Fax: +1 12 946 2600

INDEPENDENT ACCOUNTANTS' REPORT

Morgan Stanley Dean Witter Credit Corporation
Riverwoods, Illinois

We have examined management's assertion that Morgan Stanley Dean Witter
Corporation's (the Company) has complied as of and for the year ended November
30, 2003, with its established minimum servicing standards for the Morgan
Stanley HELOC Asset-Backed Notes, Series 2003-1 described in the accompanying
management's assertion dated February 23, 2004. Management is responsible for
the Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with its minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on the Company's compliance with its minimum
servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended November
30, 2003, is fairly stated, in all material respects based on the criteria set
forth in Appendix I.

/s/ Deloitte & Touche LLP

February 23, 2004


Member of
Deloitte Touche Tohmatsu


  Ex-99.2 (a)

MORGAN STANLEY DEAN WITTER
CREDIT CORPORATION

February 23, 2004

MANAGEMENT'S ASSERTION

As of and for the year ended November 30, 2003, Morgan Stanley Dean Witter
Credit Corporation (the "Company") has complied, in all material respects, with
the Company's established minimum servicing standards for Morgan Stanley HELOC
Asset-Backed Notes, Series 2003-1 as set forth in Appendix I (the "Standards").
The Standards are based on the Mortgage Banker's Association of America's
Uniform Single Attestation Program for Mortgage Bankers. As of and for this same
period, Morgan Stanley Dean Witter & Co. had in effect a fidelity bond in the
amount of $20 million and errors and omissions policy in the amount of $5
million under which the Company was covered.

/s/ Thomas F. White
Thomas F. White
President and Chief Executive Officer
& Director of Mortgage Lending


/s/ Martin W. Slusarz
Martin W. Slusarz
SVP, Controller

2500 Lake Cook Road, Riverwoods, Illinois 60015

MORGAN STANLEY DEAN WITTER
CREDIT CORPORATION


APPENDIX I

MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS
ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS

I. CUSTODIAL BANK ACCOUNTS

1. Reconciliations shall be prepared on a monthly basis for all custodial bank
   accounts and related bank clearing accounts. These reconciliations shall:

   * be mathematically accurate;
   * be prepared within forty-five (45) calendar days after the cutoff date;
   * be reviewed and approved by someone other than the person who prepared
     the reconciliation; and
   * document explanations for reconciling items. These reconciling items shall
     be resolved within ninety (90) calendar days of their original
     identification.

2. Funds of the servicing entity shall be advanced in cases where there is an
   overdraft in an investor's or a mortgagor's account.

3. Each custodial account shall be maintained at a federally insured depository
   institution in trust for the applicable investor.

4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor
   within thirty (30) calendar days of payoff of the mortgage loan. (Not
   Applicable)

II. MORTGAGE PAYMENTS

1. Mortgage payments shall be deposited into the custodial bank accounts and
   related bank clearing accounts within two business days of receipt.

2. Mortgage payments made in accordance with the mortgagor's loan documents
   shall be posted to the applicable mortgagor records within two business days
   of receipt.

3. Mortgage payments shall be allocated to principal, interest, insurance,
   taxes or other escrow items in accordance with the mortgagor's loan
   documents.

4. Mortgage payments identified as loan payoffs shall be allocated in accordance
   with the mortgagor's loan documents.

III. DISBURSEMENTS

1. Disbursements made via wire transfer on behalf of a mortgagor or investor
   shall be made only by authorized personnel.

2. Disbursements made on behalf of a mortgagor or investor shall be posted
   within two business days to the mortgagor's or investor's records maintained
   by the servicing entity.

3. Tax and insurance payments shall be made on or before the penalty or
   insurance policy expiration dates, as indicated on tax bills and insurance
   premium notices, respectively, provided that such support has been received
   by the servicing entity at least thirty (30) calendar days prior to these
   dates. (Not Applicable)

4. Any late payment penalties paid in conjunction with the payment of any tax
   bill or insurance premium notice shall be paid from the servicing entity's
   funds and not charged to the mortgagor, unless the late payment was due to
   the mortgagor's error or omission. (Not Applicable)

5. Amounts remitted to investors per the servicer's investor reports shall
   agree with cancelled checks, or other form of payment, or custodial bank
   statements.

6. Unused checks shall be safeguarded so as to prevent unauthorized access.

IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entity's investor reports shall agree with, or reconcile to,
   investors' records on a monthly basis as to the total unpaid principal
   balance and number of loans serviced by the servicing entity.

V. MORTGAGOR LOAN ACCOUNTING

1. The servicing entity's mortgage loan records shall agree with, or reconcile
   to, the records of mortgagors with respect to the unpaid principal balance on
   a monthly basis.

2. Adjustments on ARM loans shall be computed based on the related mortgage note
   and any ARM rider.

3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
   documents, on at least an annual basis. (Not Applicable)

4. Interest on escrow accounts shall be paid, or credited, to mortgagors in
   accordance with the applicable state laws. (Not Applicable)

VI. DELINQUENCIES

1. Records documenting collection efforts shall be maintained during the period
   a loan is in default and shall be updated at least monthly. Such records
   shall describe the entity's activities in monitoring delinquent loans
   including, for example, phone calls, letters and mortgage payment
   rescheduling plans in cases where the delinquency is deemed temporary (e.g.,
   illness or unemployment).

VII. INSURANCE POLICIES

1. A fidelity bond and errors and omissions policy shall be in effect on the
   servicing entity throughout the reporting period in the amount of coverage
   represented to investors in management's assertion.


2500 Lake Cook Road, Riverwoods, Illinois 60015

  Ex-99.3 (a)

MORGAN STANLEY DEEAN WITTER
CREDIT CORPORATION

Michael J. Gillespie
Accounting Director

Officer's Certificate
HELOC Asset-Backed Notes Series 2003-1

Pursuant to Section 3.10 of the Servicing Agreement dated as May 1, 2003 among
Morgan Stanley Dean Witter Credit Corporation, formerly known as NOVUS Financial
Corporation, as seller and servicer (referred to herein in such capacity as the
"Servicer"), and Wells Fargo Bank Minnesota, N.A., as Indenture Trustee, the
undersigned, hereby states that:

(1) A review of the activities of the Servicer and of its performance under the
Servicing Agreement during the fiscal year ended November 30, 2003, has been
made under my supervision; and

(2) To the best of my knowledge, based on such review, the Servicer has
fulfilled all its obligations under the Agreement throughout such period.

MORGAN STANLEY DEAN WITTER
CREDIT CORPORATION

By /s/ Douglas J. Bush
Douglas J. Bush

Title Director
Dated as of December 31, 2003

BY /s/ David Bianucci
David Bianucci

Title Vice President
Dated as of December 31, 2003

2500 Lake Cook Road, 1 East, Riverwoods, Illinois 60015 Tel (224) 405-1903



  Ex-99.4
   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                              Interest             Principal               Losses             Ending Balance
   
                       <c>                    <c>                  <c>                 <c>
   Cert                             233,764.05          1,017,686.60                 0.00              12,025,062.98
   MBIA                             337,523.89                  0.00                 0.00                       0.00
   Note                           3,872,281.95         43,600,315.69                 0.00             439,554,684.31
   OC                                     0.00                  0.00                 0.00               5,901,390.81
   </TABLE>