Is your current credit limit on your credit card high enough to meet your general needs as a consumer? Do you even know if you’d be eligible for a higher credit limit if you requested one? Some credit card companies let you make an automated request online or over the phone and an increase, if approved, could be instant. But how do you know if now is the right time to request an increase?

Here are five situations when it might make sense to ask for a higher credit limit on an existing credit card.

1. You got a raise. — You probably won’t want to request a higher limit immediately after getting a raise, but if you’ve received one in the last year you might be eligible for a higher credit limit than you were when you first applied for your credit card.
2. You got a new, higher paying job. — Again, give it a few months to show the credit card company that your better financial situation is stable. Then, if you want a higher credit limit, go ahead and request one. Earning more money might make you eligible for a higher credit limit or at least a better credit card from your current issuer.
3. You closed other credit card accounts. — Your limit might have been partly based on the amount of available credit you already had (after all, no issuing bank wants to give you more than you can handle). If you’ve closed other accounts, your overall credit history might warrant a higher limit on a remaining card.
4. You want to transfer balances to your existing card. — Maybe you want to transfer balances from other cards to your main one, but the credit limit won’t cover the balance transfer amounts you want to make. You could request a higher credit limit that brings more business to your credit card company. Of course you’ll still need to meet their credit and financial requirements for any higher limit.
5. Your credit history has significantly improved. — Perhaps you applied for your credit card years ago when your credit history was less than stellar. So you were given a relatively low credit limit. Maybe your financial situation has changed a lot since then with more income coming in, fewer debts, and no delinquent accounts for years. If your credit history is drastically different (in a positive way) you might be eligible for a higher credit limit now than you were then. Go ahead and request one if you need one.

Just because one or more of these things might be true for you, that doesn’t mean you should request a higher credit limit for your credit card. These are just examples of times when you might find yourself most eligible for that kind of change in your credit card terms or when it might make the most sense to think about getting a higher limit. Always do what’s right for you in the moment. That might mean raising your credit limit to account for changes in your spending habits and credit history or it might mean keeping things exactly as they are for a while. There’s nothing wrong with either option.