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I’ve been using App-o-Ramas and Bumpage along with credit card churning and selective credit freezes to turn a profit – and I have profited significantly from these practices. There are a small group of folks who know about these tactics and use them to their advantage. These ‘credit hackers’ take on the big banks with their legalese and beat them at their own game. These ‘credit hackers’ have done a good job prying profit from the giant monster mega-banks, but thanks to a recent paper (which I refuse to link ) and a speech at the Defcon hacker conference, banks might decide now is a good time to change the rules of the game.

A (creepy looking) Harvard student fellow, Christopher Soghoian, thinks these practices should be eliminated. Why? Because they might be a tool in the hands of identity thieves and it costs the banks money. I believe he wanted to publish a paper about ‘credit hacking’ (Which isnt hacking at all. It’s using the rules of the game against those who wrote them), then earn big bucks doing consulting work.

Guess what Chris… The banks already know. They’ve known for quite some time. They’ve made a deliberate decision not to do anything about it because the costs of eliminating the loopholes are greater than the benefits. Don’t you know anything about cost/benefit analysis? Or, are you too busy printing fake boarding passes to learn anything finance related?

The good thing about the nature of the community of ‘credit hackers’  is if their current methods no longer work, they’ll find a new way to beat the system. Thats what hackers do.

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