PHP Memory Limit not Updating (Set new Limit but Drupal Doesnt see Change)

I just upgraded to a VPS on host gator and set my php memory limit to 550, I see in the sites CPanel as well as in WHM that the limit is correct however in Drupal the limit still shows at 64 MB. I restarted Apache, restarted the server, set the limit in the .htaccess file as well as in settings according to the guide on this site. Im not using caching and cron runs every hour.

Are there any other methods to try and set drupals memory limit without reinstalling?

any help is greatly appreciated in advance

EDIT: I also have apache configured the php5 handler to suphp but I have cgi and fastcgi available and Apache suEXEC is on