Hi there,
Fair warning - I'm about to say something you might not like. If your GMAT score was what it is and you had an average GPA, I would say go ahead and apply. Unfortunately, that isn't the case. a <3.0 GPA coupled with a 46th percentile in Quant and a 650 overall isn't exactly a beacon for managing academic rigor.
Generally, we steer away from using percentile splits because, as you know, they move around and in quant especially they aren't exactly indicative. I mean, a 7Xth percentile with a 49 doesn't paint the story accurately. However, a quant score lower than 40 and a 46th percentile will raise some flags.
If you found your nerves frayed and yourself rushing at the end, it tells me a little time management and strategy development would do a lot for you when you retake the GMAT.
I think you should retake the GMAT - I don't care too much if your total score goes up (obviously, I want it to!) but I'm more concerned about the quant. There's nothing you can do about your GPA at this point but you can definitely improve your GMAT.
Postpone the apps for the time being and aim for a later round. You're going to get a far better shot applying with an improved GMAT than you would just by applying R1.
I hope that helps and let me know if you have any questions!
Bhavik
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