While reinforcement learning has advanced the alignment of text-to-image (T2I) models, state-of-the-art policy gradient methods are still hampered by training instability and high variance, hindering convergence speed and compromising image quality. Our analysis identifies a key cause of this instability: disproportionate credit assignment, in which the mathematical structure of the generative sampler produces volatile and non-proportional feedback across timesteps. To address this, we introduce Proportionate Credit Policy Optimization (PCPO), a framework that enforces proportional credit assignment through a stable objective reformulation and a principled reweighting of timesteps. This correction stabilizes the training process, leading to significantly accelerated convergence and superior image quality. The improvement in quality is a direct result of mitigating model collapse, a common failure mode in recursive training. PCPO substantially outperforms existing policy gradient baselines on all fronts, including the state-of-the-art DanceGRPO. Code is available at https://github.com/jaylee2000/pcpo/.