Fast way, how to test changed setting for component in application, to not wait for next poll of whole application is to use test button.
So when you change setting of credential, press Test button and you will see immediatly if change helped. Check box for component(s) you want to test has to be checked:
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If you want to add new credential for existing application, you have to use credential library, add credential there.
Then you will have the credential available in combobox "Credential for Monitoring".