When changing to the new ID, there may be some data loss, but you can minimize it. If syncing photos with iCloud, ensure Optimization is turned off in Settings/Your Name/iCloud/Photos and/or in Photos/Preferences/iCloud. Then make sure full resolution photos are on the device/computer. When signing out of iCloud, if asked whether you want to retain data, choose yes. Messages conversations will be lost if they are addressed to the ID. See the article below for other places that the old ID should be removed. See Winston Churchill's response in the below discussion. Also set up Family Sharing to keep access to your apps/purchases.
How to switch Apple IDs on your iPhone or iPad.
How to transfer all files from one iCloud account to another.
What to do after you change your Apple ID or password - Apple Support.
Family Sharing.
Family Sharing - Set up.
Another possibility. Check the App Store and iTunes Store to see if there are any updates for apps/purchases. A request for another Apple ID password is often caused by updates to apps/purchases that were made when using the other ID. Those purchases are tied to the other ID and can't be transferred. One option is to delete the apps/purchases made by the other ID and download them using the new ID if desired. If necessary, check your purchases history to see which apps/purchases weren’t made by the current ID.
Purchase History Review.