diff --git a/src/cmd/flux-exec.c b/src/cmd/flux-exec.c
index 0507b1e1f5fb..0af649c9a52c 100644
--- a/src/cmd/flux-exec.c
+++ b/src/cmd/flux-exec.c
@@ -190,8 +190,11 @@ void subprocess_update_credits (flux_subprocess_t *p, int bytes, bool reorder)
 void subprocess_remove_credits (flux_subprocess_t *p)
 {
     struct subproc_credit *spcred = flux_subprocess_aux_get (p, "credits");
-    if (zlistx_delete (subprocess_credits, spcred->handle) < 0)
-        log_err_exit ("zlistx_delete");
+    if (spcred->handle) {
+        if (zlistx_delete (subprocess_credits, spcred->handle) < 0)
+            log_err_exit ("zlistx_delete");
+        spcred->handle = NULL;
+    }
 }
 
 void state_cb (flux_subprocess_t *p, flux_subprocess_state_t state)
@@ -306,6 +309,7 @@ static void stdin_cb (flux_reactor_t *r,
         log_err_exit ("fbuf_read");
 
     if (lenp) {
+        int write_count = 0;
         p = zlistx_first (subprocesses);
         while (p) {
             if (flux_subprocess_state (p) == FLUX_SUBPROCESS_INIT
@@ -313,16 +317,38 @@ static void stdin_cb (flux_reactor_t *r,
                 if ((len = flux_subprocess_write (p, "stdin", ptr, lenp)) < 0)
                     log_err_exit ("flux_subprocess_write");
                 if (stdin_enable_flow_control) {
-                    /* N.B. since we are subtracting the same number
-                     * of credits from all subprocesses, the sorted
-                     * order in the credits list should not change
+                    /* N.B. normally we are subtracting the same
+                     * number of credits from all active subprocesses,
+                     * so the sorted order in the credits list should
+                     * not change.  See possible corner case below.
                      */
                     subprocess_update_credits (p, -1*len, false);
                 }
+                write_count++;
             }
             p = zlistx_next (subprocesses);
         }
         if (stdin_enable_flow_control) {
+            /* N.B. under a racy scenario stdin_cb() could be called
+             * before state_cb(), so that a subprocess that has exited
+             * has not been "recognized" as exited.
+             *
+             * This can lead to subprocesses in the subprocess_credits
+             * list not having their credits updated above and
+             * subprocess_min_credits() returning an invalid value.
+             *
+             * Correct this by removing exited/failed subprocesses
+             * from the credits list, just like in state_cb().
+             */
+            if (write_count != zlistx_size (subprocess_credits)) {
+                p = zlistx_first (subprocesses);
+                while (p) {
+                    if (flux_subprocess_state (p) == FLUX_SUBPROCESS_EXITED
+                        || flux_subprocess_state (p) == FLUX_SUBPROCESS_FAILED)
+                        subprocess_remove_credits (p);
+                    p = zlistx_next (subprocesses);
+                }
+            }
             min_credits = subprocess_min_credits ();
             if (min_credits == 0)
                 flux_watcher_stop (stdin_w);