According to Bungie:

Bungie also confirmed that there will not be a second rank cap and that all of the items in the armory are now available for you to purchase, provided you have the credits to do so. The addition of larger Credit Jackpots will be well-received by those dedicated Halo fans who love the game, but are not as adept at killing the competition. Players should also have no problem diving back into the fight with the upcoming map-pack that is set for release on November 30th. These are smart moves on Bungie’s part as Call of Duty: Black Ops will present some fierce competition for gamers’ attention on November 9th.

Need a reference list of the ranks available to see how close you are to the top accolade? Check out the full list here. With the cap removed, the big question is: who’s going to hit Inheritor first?

Halo: Reach is available now for the Xbox 360.

Source: Bungie.net