I am also curious about your system setup and version - as Phanikumar V pointed out, your OVA8 screen looks different to what we see in ERP ECC 6.0 for automatic credit control.
Please provide a screenshot of the message for order blocked for credit and explain briefly your system setup: where you create orders - system and version; where you should execute credit release - system, version, addons; from where you obtain credit-relevant information and how - external systems etc.
In case you use automatic credit control in ERP with order creation in the same system and no custom developments or addons (I have some doubts about that):
CHECK_CM gives some valuable input - you just need to interpret it.
From the first screen of check_cm I can see the following: the risk category determined for the process is blank and the risk category for the credit account is 003 (both are shown in red).
In the screenshot from OVA8 you show risk category 03, not 003. Do you have any settings maintained for 0001/0003/01 in OVA8?
If the program cannot find a record for the combination of credit control area (determined from the sales document from the assignment to the sales area), credit group (from VOV8 for the sales order), risk category (from the credit account master data), it would consider the document as not relevant for automatic credit control and would not set the statuses for credit management - exactly that I can see happens in your case - all statuses are ' ' - not relevant, except CMGST, which probably was set as a result of manually releasing the order from VKM3.
You have two options - maintain settings in OVA8 for 0001/003/01 or change the master data, so that you can use 03 credit group instead of 003.