There aren't that many uses of those terms, one each I think. Hitting below the belt refers to boxing, which means it is a punch that is against the rules of the sport. Similarly, if someone does something that is rather mean-spirited or cruel in a friendly competition/argument/debate, then you could say "that was below the belt", or more commonly, that was a "low blow".
The other one "under my belt" means something you have achieved, like passing a test, or learning a skill. You might say after passing a driving test that "Now that I have that under my belt, I can get back to studying English"