What are you talking about? You don't need a new password. You keep logging in with the same account until you recreate, at which time your Handle just changes.
You have to wait the 3 weeks death penalty, and have to use your old handle until then. The only reason you can apply for a new one before that is because it speeds up your recreation, since you don't have to wait for a handle to be accepted on top of the 3 weeks you're already out.
If you actually made a new, additional account, it's an illegal multi and you can expect to be banned for it.
____________"May the Grace of Ara go with you, and His Vengeance be wrought upon your enemies."
Only fools and children dream of heroes.