Question: The Childress family has applied for a $5,000 loan for home improvements, especially to install a new roof and add new carpeting. Bob Childress is a welder at Ford Motor Co., the first year he has held that job, and his wife sells clothing at Wal-Mart. They have three children. The Childresses own their home, which they purchased six months ago, and have an average credit rating, with some late bill payments. They have a telephone, but hold only a checking account with a bank and 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 in this chapter and denies all credit applications scoring fewer than 360 points. Is the Children family likely to get their loan?