If you believe you can improve your GMAT score to a 700, I recommend you take the test again. Remember that your highest score is self-reported on your application, so admissions teams will focus on your best score.
Here are some free test prep tips if you decide to take the test again: http://www.stacyblackman.com/category/test-prep-advice/
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Stacy Blackman | Stacy Blackman Consulting Inc | http://www.StacyBlackman.com | +1 323.934.3936
MBA blogger, US News and Author, The MBA Application Roadmap