This will almost do what you want:
<%= f.select :credit, ((0..500).map {|i| [i,i] } << ["No limit",nil]) %>
selectcan accept several formats for the parameter list. One of them is an array of arrays, as indicated here. Each element in the external array is a 2-element array containing the displayed option text and the form value in that order.
map (0..500) , . .
, "( ) , " " - , - form, nil . , - javascript, , , :
param[:credit] == "" and param[:credit] = nil
.