Has Pending Payment will be set to yes and you will not be able to retry payment even though it says Active since the order won't appear in the Process Payment Wizard of the Payment Wizard. The cron runs every 15 minutes. To check the "Pending payments" go from Orders to Pending Payments
Status will be queued if not yet picked up
If you refund the credit card payment the order will activate. Note that this will set the has pending payment field back to No. This will allow you to reapply payment if desired
If you refund the payment before it applies the Pending payment will be set to Amount = Null or 0.
Once the cron runs the queued payment will be complete and the Has Pending payment will be set to No and you can retry.