Getting error while creating a new web app saying “The password supplied with the domainname\username was not correct. Verify that it was entered correctly and try again”

When you create new web application at that time you enter your credential as the system account of the particular Web Application.

After that when you update your credential at that time you must have to update your credential in SharePoint also because SharePoint store your credential in SharePoint database.

To update your credential in SharePoint Database you must have to pass follow command in command prompt:

** Please open command prompt in Administrator mode.

1. cd “C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\BIN” and press enter.
2. stsadm -o updatefarmcredentials -userlogin <domain\username> –password <newpassword>

Once you update your credential in SharePoint database it will not effected directly so that you need to restart you IIS Web Server. For that following command will be fire in command prompt.

1. iisreset /stop
2. iisreset /start