The Only Use of

competent
in
Henry IV, Part 2

For competence of life I will allow you, That lack of means enforce you not to evils: And, as we hear you do reform yourselves, We will, according to your strengths and qualities, Give you advancement.†
Scene 5.5

competence = ability

Definitions:

(1) (competent)
capable (able to do something in a generally satisfactory manner) -- sometimes specifically to have legal capability
(2) (meaning too rare to warrant focus)
meaning too rare to warrant focus:

In the field of law, competent has the specialized meaning of being legally qualified to do something such as to be mentally fit to make reasonable decisions; or to have jurisdiction or authority to take an action.

In classic literature, a competency can refer to having an income or assets to support living expenses.