How to change a password for my email on iCloud?
I need to update my RACKSPACE email on my MacBook Pro
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This has essentially NOTHING to do with iCloud.
You use a Web Browser, log in (with your current password) directly to your email account on rackspace, and change the password there with its email server. Verify that you can now log in with your NEW password.
Later, you revise your Mac Mail Preferences to reflect the NEW password, and all should be well.