New to GMAT - 420 Disapointing Score, not what I expected.

Greetings everyone,

My name is Nick and I am from Greece. 3 months ago I decided to take the GMAT in order to apply for business schools for 2 year full time MBA, primarily in Boston Massachusetts. I have no great expectations, for example MIT or Harvard Bschools. I never imagined though, that the GMAT would actually be time consuming and hard to study and practise. Today I took my frist test and got a very disapointing score of 420 (Q31 V17). Though my practise scores were usually between 550-650 (Q50-70 V45-50), two days before the exam I took the GMAT PREP test in order to see how close I am to what I expect. And there it was.. Test 1 490(Q69% V11%) and Test 2 470 (Q65% V15%). So today the actual test fell on me like a missile leaving me with regrets and disapointment. I am not writing this topic to discourage anyone from thinking OMG wtf I am going to do. As a candidate I simply want to share my experience with you and wish the best of luck to all candidates. As for me I don't really know what my next move will be but I am not ready to give up so easily.

I need some help though regarding my applications. Do you believe I should apply to the universities or I shouldn't even try with this score?
Do I need to consider retaking the exam before the final deadlines? (even though I don't really know how to improve my low score)
Is it possible to improve this score in 1 month?

Thank you in advance
I ll try my best to participate in every section as it seems to me that this forum is actully a lot of help.