Orders going into credit check hold even though there is sufficient credit limit

We have a situation where sales orders for a particular customer are going into credit check holds with message "edit check hold applied. overdue invoices found. using customer credit profile".

We have checked the credit check rule and found the 'max days past due' is set to 365 days and all the open invoices for that customer have this value ranging from below 200 days and also the credit limit is also sufficient.

Credit check is defined at customer level.

Can anyone please suggest something on this like what's needs to checked?

EBS R 12.2.5