So all u need to do is update the password and restart the app pool.
1. Run SharePoint 2010 Management Shell as Administrator
2. Enter the following cmdlet: Set-SPManagedAccount -UseExistingPassword
3. Enter your current username ,
4. Go to IIS, refresh your app list and start the stopped application.
5. Should be sorted now.
Hope that saves someone from the frustration i had.
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