California man owns 1,497 credit cards worth $1.7 million — it all started with a bet that went too far

Most Americans are struggling to manage their credit card as they tackle the rising cost of living, and this has created a $1.4 trillion crisis. Amidst this situation, one man managed more than a thousand cards with near perfection. Walter Cavanagh, who has earned the nickname “Mr. Plastic Fantastic,” has entered the Guinness Book of World Records with 1,497 valid credit cards in his name. What's even more surprising is that he maintained a near-perfect credit score.

Here's How Much Credit 1500 Cards are Worth

Back in 2016, Cavanagh had access to a $1.7 million line of credit, if he chose to use all of his credit cards at once, he told ABC News. He also held the world record for the world's longest wallet, which was 250 feet in length, and weighed about 38 pounds.

Even with that massive wallet, Cavanagh couldn't keep all of his cards in it since it had a capacity for just 800 cards. Hence, he kept most of his credit cards in bank safe deposit boxes. The "Guinness Book of World Records" gave him the title "Mr. Plastic Fantastic," as he appeared in the book every year since 1971.

A Bet That Went Too Far

Cavanagh told the news outlet that it all started in the late 1960s when he made a silly bet with one of his friends. They decided that whoever collected the "most credit cards by the end of the year would win dinner."

At the time, Cavanagh was fresh out of the Peace Corps and he managed to collect 143 credit cards by the end of the year while his friend amassed 138. But even after winning the debt, Cavanagh kept collecting more and more credit cards.

A Marvelous Collection and Near-Perfect Credit Score

Even with $1.7 million available, Cavanagh told The Los Angeles Times that he only uses one of his 1,497 cards at a time and diligently pays his bills by the end of the month. "But you should see the length of my credit report -- wow!" Cavanagh said. 

 Mr Plastic Fantastic had credit cards from gas stations, airlines, and bars with all kinds of limits, along with some antique collectible cards. For instance, he got a sterling silver credit card from the Mapes Hotel, which was Reno's first casino hotel. The hotel closed down in December 1982, making the credit card a rare collector's item, with "unlimited credit privileges."

While Cavanagh held the record for decades, it was finally broken in 2021 by Manish Dhameja from the Indian city of Hyderabad. Dhameja held as many as 1638 valid credit cards to surpass Cavanagh.

Is it Advisable to Hoard Credit Cards?

Credit cards are good for building a strong credit score, which can help people with mortgage and loan applications. However, having too much "new credit" or credit card debt can damage the score. As per Equifax, it is recommended to keep a maximum of two to three credit cards at a time. This makes it easier for the cardholder to keep track of payments and avoid debt.

For those who keep more than three credit cards, it is important to maintain a utilization ratio, which is the ratio of the total available credit to the total debt that impacts the credit scores. It is recommended to use only 10% of the total spending limit at once.