Credit Tips: Central California Man has 1,500 Credit Cards!

Posted On: January 1, 2005

Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 480
Posted: Fri Dec 03, 2004 10:01 am
Post subject: Central California Man has 1,500 Credit Cards!

To All, Thought you might get a kick out of this article that appeared on the AP wire today…

Central California man has collected nearly 1,500 credit cards Associated Press PISMO BEACH, Calif. - The man known as “Mr. Plastic Fantastic” has great credit. So great, in fact, that it takes a wallet nearly as long as a football field to carry his credit cards. Walter Cavanagh owns 1,497 valid credit cards (he assumes a card is valid until he hears otherwise) with a potential credit line of about $1.7 million. The retired real estate broker, who lives in the small San Luis Obispo County community of Shell Beach, said his collecting began with a bet more than three decades ago. He and a friend were sitting in his apartment in 1969 and bet who could collect the most credit cards. The loser would buy dinner. Cavanagh managed to obtain 143 cards in a year and got a rib-eye steak dinner. He also caught the plastic bug. He has become so good at collecting the cards that he has a place in the Guinness Book of World Records, which gave him his nickname. He also holds the title for the world’s longest wallet - a 38-pound monster that is 250 feet long and can hold 800 cards. Most of his collection is kept in bank safe deposit boxes, however. His cards include antiques in paper and aluminum. A number are from long-defunct department stores, gas stations and bars. They come from as far away as Germany and Spain.

You can read the rest of the article here:

mercurynews.com/mld/mercurynews/news/local/states/california/northern_california/10322875.htm?1c

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

View our latest credit card ratings!

Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 768
Location: NJ
Posted: Fri Dec 03, 2004 10:23 am

I wonder what his credit reports look like. They’d probably have to ship them rather than mail them to him.

Do not let what you cannot do interfere with what you can do.

Ira

View our latest credit card ratings!

Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2322
Location: Illinois
Posted: Fri Dec 03, 2004 11:07 am

I am betting due to inactivity on some of them if more then 10 years, they may have dropped off of his credit report… I am plenty well sure that the bureaus can’t deliver his report online, that it must be mailed to him, due to too much data contained for the regular electronic fields. All can say is KNOCK ON WOOD that he ain’t never been a victim of ID Theft… you just imagine the disputing involved on that scale! That one would definitely be worth hiring a lawyer for… though not sure if they would look forward to the prospect of that job. Just blows the mind to even think of that many cards being maintained… he has to have an accountant I would think to keep a system up for interest, fees and such for the various cards.

View our latest credit card ratings!

Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 406
Posted: Fri Dec 03, 2004 11:48 am

Quote:
he has to have an accountant I would think to keep a system up for interest, fees and such for the various cards.I think he just collects cards like others collect stamps and coins. He keeps most in bank vaults. He’s not using the cards. The article says many of them are from defunct businesses–those aren’t valid. And he started doing this in 1969, when cards were very easy to get. It’s a nice hobby!

Polonius

“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

View our latest credit card ratings!