We hire without college, although it helps (and also makes you eligible for incentive pay). We have a hiring preference for Spanish proficiency. We also have $4500 a year in tutition reimbursement, and have take home cars, free dry cleaning, and all equipment and weapons issued. Our pay is very competitive for the area, and includes a graduated step system that brings officers into the mid range in two years, and performance bonuses at the end of the year. Cost of living is slightly higher than the regional average here, but our regional average is significantly lower than the East or West Coast areas.
We probably won't do another hiring process until spring, but we have been hiring rapidly over the last several years, and have not had anyone "die" on our eligibility list since I have worked here.
Credit history is important because they want to make sure that you are a responsible person who generally makes sound decisions, and personal finances are and indicator of that. They also don't want officers who can be easily blackmailed, either. If you had problems in the past but have worked through them, like typical college debt, they will consider the totality of the circumstances. Honsety is the best policy.