Kind of, yeah. I think about it the same way celebrity works:
1.) First, I do something that gains attention. A few people learn my name. I get an opportunity here from this faction, an opportunity there from another faction. They're feeling me out...seeing if I'm really all that. These are low-level players in the great game. Small-time crews looking for an edge, and willing to consider relative unknowns. [From a gameplay perspective, these early missions allow you to use the Street Cred you've accrued to feel out some of the different factions in NC, see what they're about, what they have to offer. It's not committing to anything much yet, just feeling things out.]
2.) Eventually, if I develop enough of a Street Cred reputation, I get contacted by certain factions that want to discuss some "real business". The missions I'm going on are more difficult and the effects much more wide-spread. In return, I gain the support of that particular faction, but it affects my relationship with all of the other "Street Cred" factions. Some may remain friendly but a little guarded, others will be strained and no longer willing to deal with me so openly, others may become outright hostile. [Gameplay-wise, this means I get exclusive access to some of that faction's "specialities". One group may offer netrunner support that I can utilize later in main quest missions, another group may provide fire teams to support me in combat, a third group may offer access to really cheap gear through a black market -- but I can't have it all. As I get in good with one faction, the doors start closing for the other factions.]
3.) It's up to me (the player) to balance things. If I spread my attention around, I remain a free agent. I keep things largely neutral, do a few missions for everyone, keep it friendly. I get a few, basic benefits from all factions. Nothing super-great, but a large variety. If I want access to the best services, I need to choose a faction and commit. (Or, I can just largely ignore all of them and make my own way.)
4.) If I opt to really get into bed with a faction, that will significantly alter my pathway to the endgame. I may be able to handle main quest missions in completely different ways based upon who I am on the streets. [So the ultimate gameplay consideration for Street Cred is to both augment a particular playstyle and paint a living portrait of V's attitude in action. And supposedly, attitude is everything.
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