Tired of your first credit card’s low limit and lackluster benefits?

It’s wise to upgrade if you have good score, made payments on-time.

When to hold off

Sometimes applying for a new credit card doesn’t make sense. Consider pumping the brakes on new credit card applications in these cases:

You’re about to apply for a big loan. Signing up for a new credit card can knock a few points off your credit score temporarily. If you’re about to apply for a mortgage, that small difference could cost you thousands in interest.

You’re having trouble sticking to a budget. A new card won’t help you stop overspending on credit. Instead of hunting for new offers, work on improving your credit card habits.

You’re a one-card kind of person. Does the thought of managing another credit card seem overwhelming? Stick to your first one for now. You might be able to get a higher limit or better terms by asking your issuer.

What to do with your first credit card

If you do decide to apply for a new card, you should still hold on to your old plastic — unless it charges an annual fee or is tied up with a security deposit.

“In a lot of cases, it’s smart to keep that (first) credit card open, especially if it’s providing you with years of credit card history,” says Lowry, who charges a few subscriptions to her first credit card every month to keep it active.

Length of credit history is a factor in your credit scores, and as the age of that first account grows, it can continue its original work of helping you build credit.

When it’s time to consider upgrading your plastic again, you’ll be ready.

Claire Tsosie writes for NerdWallet.