Hi aa1411,
First off, a 690/Q47 is a solid Score, so it could be enough to get you into your first-choice School. You're ultimately asking Admissions questions though - and since you are interested in some highly-competitive Schools, you would likely find it beneficial to speak with an Admissions Expert about your overall profile and plans. Those Experts should be able to answer your Admissions questions and help define the specific areas of your profile that could use some improvement. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/If you do choose to retest, then we have to examine you prior studies (for both attempts) in more detail. Once you've decided on whether to retest or not, you should post back here (or you can PM me directly) and we can talk through how you might best proceed with your studies.
In addition, if you took your 2nd Official GMAT at a Test Center, then you might also choose to purchase the Enhanced Score Report. While the ESR doesn’t provide a lot of information, there are usually a few data points that we can use to define what went wrong on Test Day (and what you should work on to score higher). If you purchase the ESR, then I'll be happy to analyze it for you.
GMAT assassins aren't born, they're made,
Rich
Contact Rich at: Rich.C@empowergmat.com