If a renewal order has failed, you can check its status in one of the following ways:
1. Go to WooCommerce > Payment Plans. Then find the problematic plan. It should have an “On hold” status. Next, edit the payment plan and check the Subscription notes section. Here you will see notes about all failed attempts:
2. Go to the failed order (you can find this in the WooCommerce > Orders list or you can edit the payment plan.) Then scroll to the bottom of the page and find the Automatic Failed Payment Retries section. Here you will see a list of retries and their statuses:
For more information: https://woocommerce.com/document/subscriptions/failed-payment-retry
They also explain how you can manually retry a failed recurring payment.