Does your credit limit matter or just the credit utilization?

I just opened up my very first credit card from my local credit union and I’m looking to build a good credit store as I currently have NO credit. This is my first step. The credit limit I chose was $ 500. I understand I can raise this so I’m wondering if such a low credit limit will not be as beneficial to building up my credit score as say a $ 1,000 or $ 2,000 credit limit.

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