KumaSun2
I am looking for advice whether I should cancel my latest score of 730. I am targeting an M7 + INSEAD school. Based on my background of 2yrs management consulting, Asian, Male from Europe, 3.4GPA, I believe a 730 might be too low. I keep reading that taking the test over 3 times was going to be a huge red flag to adcoms, and I am considering cancelling my latest score, retaking the GMAT and if I score lower than 730, I would reinstate the 730 score. Is this a bad idea?
That's not a bad idea at all, given that you can always reinstate your score. However, you should not look at your 730 as being "too low" (!). It is clearly not too low, even for the best schools. Taking the GMAT multiple times is also not a major issue. You don't have any low scores, and you managed to improve your score. There is very little to be worried about here.
KumaSun2
I have exhausted every verbal question from the GMAT books, Verbal, Quant, Additional Qpack and all the extra GMATPREP exams.
That is clearly not ideal, if you want to take the exam again. It is also normal, given that you've taken the exam 3 times.
KumaSun2
GMATPREP3 750 (Q49, V42)
GMATPREP4 750 (Q50, V41)
GMATPREP5 760 (Q50, V43)
GMATPREP6 760 (Q50, V42)
Those are some really good scores, and they show that you are capable of getting a score higher than 730 on the actual exam.
KumaSun2
Out of stupidity, I ended up keeping the score instead of cancelling just because my IR went from 5 to 8 before reading online that it didn't matter at all.
Again, you seem to think that some of these things are critical. They are not. Also, IR scores do matter (just not as much as the total, quantitative, and verbal scores).
KumaSun2
Now I recently retook it and scored a 730 (V49, V41). I am struggling with the fact that I believe I can still do better but I am worried taking it too many times will be detrimental to my application. However, I do not want my score to affect me negatively and I want a chance at a potential scholarship. I am also aware my GPA is on the lower end.
Taking the GMAT again could be detrimental, but not because you'd end up taking it too many times. Taking the GMAT a fourth time means that you are spending time that you could have spent on other aspects of your application on something that can provide you marginal gains at best. That's the real (potential) downside of taking the exam again.
On the other hand, if you feel that you have enough time to take the exam again, go ahead and take it again.