1st GMAT score result 400-500. To cancel or not?

Hi Rich,

I answered your questions below:

1) What is your score goal?

The school I am applying does not have a minimum score. However the profile of students who qualify for a scholarship has been between a 630-680.
Obviously, the higher the score the more financial aid is awarded. The average gmat score for current students is 596. I think a minimum score of 600
would get me into the school but I am shooting for 650+ .

2) How long have you been studying?

I have been studying for two months. I took a prep course which I did not feel was very effective. I've been out of school for some time
and the math concepts were a little rusty. The course focused on solving problems as opposed to teach concepts and strategies. Without knowing the concepts I felt a lost. Therefore, it was not very useful. I then used an online gmat prep which was more effective. I have not followed a strict study plan and in reading some of the blogs this would be key to success.

3) When are you planning to apply to Business School?

I was hoping to apply for Fall 2015. I can apply as late as June/July. However, if I can't get a realistic score by my deadline I may have to postpone.

4) Is this the only practice CAT that you took?

Yes I took this from the GMAC site.

Any additional suggestions of what I should do?

Thanks,