This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Meet the Man With 50 Credit Cards

NEW YORK ( MainStreet) -- Scott Bilker first applied for a credit card in the late '80s when he realized he would need to borrow money to pay his tuition bills. His efforts to avoid paying interest and score better deals quickly got him a very fat wallet.

"I knew it was expensive to use credit cards and had to find a way to minimize the costs," he says. His quest for the best rewards deals, coupled with his desire to prove he could still get banks to lend to him after accumulating 20-plus accounts, led him to amass more than 80 credit cards by 2007.

With 50 credit cards, author Scott Bilker has developed some canny borrowing strategies (and opinions of which were a waste of time).

According to Bilker, banks rarely turned him down thanks to his perfect payment history.

"I've never missed a payment in my life," he says, adding that his credit score, hovering around a solid 790, has been as high as 819.

After downsizing in recent years, Bilker has 50 credit cards at his disposal with his total available credit close to $250,000. (To be fair, while this arsenal of credit cards is formidable, it's not the largest in existence. The Guinness World Record actually stands at close to 1,500.)

Contrary to what some may believe, he says, having a ton of credit cards doesn't necessarily lead to massive debts.

"I have a car, but I don't drive it off a cliff," Bilker says. "A lot of people might have the impulse to overspend . I don't."

We asked Bilker, who has gone on to share his unique credit strategies in several books and on his Web site DebtSmart.com, to share some of his favorite stories to get a better idea of how his unique spending strategy has paid off.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs