A secured credit card can help you re-establish your credit. By making credit card payments on time, you are demonstrating to creditors that you can responsibly manage debt. Like a normal credit card, secured credit cards are reported to the credit reporting agencies. However, a secured credit card requires a security deposit, which the credit card company will generally hold for about two years. For example, you pay a deposit of $1,000 and the credit card company gives you a card with a $1,000 limit—the credit limit is secured by your cash deposit. Making a few small purchases on the card each month and paying each statement on time and in full will help improve your credit score.