The Childress family has applied for a $5,000 loan for home improvements, especially to install new carpeting. Bob Childress is a welder at Ford Motor Co., the first year that he has held this job, and his wife sells clothing at Wal-Mart. They have three children. The Childresses own their own home, which they purchased six months ago, have an average credit rating, with some late bill payments. They have a telephone, but only a checking account with a few savings bonds. Mr. Childress has a $35,000 life insurance policy with a cash surrender value of $1,100.Suppose the lender uses the credit scoring system presented with this chapter and denies all application scoring fewer than 360 points. Is the Childress family likely to get this loan? What is the family's credit score? (Hint: For the occupational factor take the average of the husband's and wife's occupations.)