IMHO, you must write again. You may want to identify which area of Quant you find difficulty in and do a lot of practise on those. 500+ should definitely be attainable. I believe that would be a far-more straight-forward path to acceptance.
Did you taka a GMATPrep test before the actual one ? What kind of scores were you getting on those ? In my case, they were pretty close to my final score.
I finish my GMAT yesterday afternoon and scored a 460. This is after months of studying. I have never been very strong in math, ususally scoring in the 28 to 30 range, but my verbal has always been in the 35 to 36 range. Yesterday i scored a 29Q 28V. I freaked out after I couldn't answer the first few math questions correctly, and I knew i didn't do well in that portion, but I was amazed at how low my verbal score was. I thought I did really well. I am interested in two schools, Sacramento State University and UC Davis. I did not meet the minimum requirement for Sac State (GMAT 500) for automatic acceptance. Should I schedule to take the test in another 30 + days, and continue to study, or try and go through a special acceptance process which involves getting approval from the dean? I work 40+ hours a week, and in the next 2 months, I will travel 60% of the time, which does not allow for much studying.