At the end of the season of 2006–07, he announced that had come to an agreement about his move to Schalke. Eintracht manager Friedhelm Funkel benched him for a few matches, arguing Streit would not train well. After an accord between Streit and Eintracht executive Heribert Bruchhagen he would have been allowed to move to Schalke if Streit would play hard in the final matches. The transfer finally failed because Schalke executive Andreas Müller refused to pay more than €2 million and Eintracht clearly turned down the offer.
In October 2007, Eintracht chairman Heribert Bruchhagen offered him an improved two-year contract, but Streit announced on 12 November that he signed a four-year contract for Schalke beginning in summer of 2008. But in December 2007, Eintracht Frankfurt agreed to a prematurely move of Streit to Schalke in January 2008.
In January 2009, Streit was thrown out of the squad of the first team of Schalke. He had to play for the second team of Schalke in the Regionalliga. He joined Hamburger SV on 2 February 2009 on loan until the end of the season. After his return in July 2009, he was demoted to the reserve team from FC Schalke 04. His contract ended on 30 June 2012.