Mr Smith is 40 years old. He owns a $1.2 million house in Melbourne. He used to be an engineer at Qantas Ltd. However, since the business of Qantas has been affected badly these last two years, Mr Smith got fired 3 months ago. He now comes to the bank to apply for a $10,000 credit card to meet his daily expenses. He is looking for a job now and he is very positive about getting a new job. 

Would you approve of this loan? Explain your reasons.