Hi GoodGuy,
First off, a 700/Q50 is an outstanding score (it's right around the 90th percentile overall), so you can comfortably apply to any Business Schools that interest you. As such, a retest is probably not necessary. Depending on the Schools that you plan to apply to, you would likely find it beneficial to speak with an Admissions Expert about your overall profile. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admission ... tants-124/Before I can offer you the specific advice that you’re looking for, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long did you study before each attempt at the GMAT?
2) What study materials did you use to study for each attempt?
3) What were EACH of your Official GMAT Scores (including the Quant and Verbal Scaled Scores for EACH)?
Goals:
4) When are you planning to retake the GMAT?
5) When are you planning to apply to Business School?
6) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich