Above a bit means: A hyper-local British intensifier from Chester, England, meaning "greatly" or "very much." When something impresses you way beyond a little, it impresses you above a bit. It's the kind of old-school. It has drug-related associations; worth a calm conversation about which side of the topic your teen is on. As a place or proper-name reference it is purely descriptive. It is an education-system term, so usage is institutional and routine.