Method, apparatus, and systems for implementing flexible credit exchange within high performance fabrics. Available buffer space in a receive buffer on a receive-side of a link is managed and tracked at the transmit-side of the link using credits. Peer link interfaces coupled via a link are provided with receive buffer configuration information that specifies how the receive buffer space in each peer is partitioned and space allocated for each buffer, including a plurality of virtual lane (VL) buffers. Credits are used for tracking buffer space consumption and in credits are returned from the receive-side indicating freed buffer space. The peer link interfaces exchange credit organization information to inform the other peer of how much space each credit represents. In connection with data transfer over the link, the transmit-side de-allocates credits based on an amount of buffer space to be consumed in applicable buffers in the receive buffer. Upon space being freed in the receive buffer, the receive-side returns credit ACKnowledgements (ACKs) identifying a VL for which space has been freed.