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1.
Street credit is the points you get for doing something impressive and bold. The more street credit you have the cooler you are.
There's a street credit points system.

10 Points if you kill someone
7 If you go to jail
5 If you fight a cop
...
..
.
by Charly555 July 02, 2005
 
2.
(adjective) A way of life; a self-quality that one strives to achieve in a life based around improving one's swag. One can gain street credit in many ways, including, but not limited to, continuing to acquire freshness, looking fly, givin props, constantly hustlin, not sellin-out, and of course, by makin hit records
That guy Ryan gets so many girls and keeps makin hit albums that his street credit be huge!
by Young Vinny July 07, 2009
 
3.
A "quality" that many people rely on when they have nothing else going for them.
"I have no real purpose in life so I will attack someone in an attempt to boost mah street credit rep!"
by Street Cred is for Morons December 31, 2005