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Bamboo09
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I agree with Jon. Don't worry about applying until you have, in hand, the highest possible GMAT score. By applying through the consortium and from an underrepresented pool, that gives you some advantages. But you don't want those advantages to be used up by a very low GMAT. I'm glad the preparations are going well for your retake so just heads down on that and if, after that effort, you need to retake it again, that's ok. Just get it up as high as possible!

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Thanks all for the feedback! I am studying hard for my GMAT and postponed it for a month so that I could get some more studying in. I will come back and update my post once I have re-taken the exam.
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For the GMAT, the trick is to time yourself, go back and check your errors with a different color ink, and use the GMAT Archer from Manhattan GMAT. WHen you do that and go through every problem in the original guide (even and especially for verbal) you'll see great improvements in your score. This will require a good 100 hours but concentrated practice but if you do it then the GMAT will be your strong point rather than your weak point in your application.

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So just as an update, I retook the GMAT last week and got a 460 :( . I was like 17% percentile in quant and I think 23% in verbal. It was devastating. AWA went fine, I got a 7 on IR, but once I hit the quant section, I took too long on the first few problems and my timing got way off. I'm not even sure if I hit submit on the final question before the timer ran out. It was a mess. Then during my break, I sat down to eat a snack and next thing I knew I got back to the computer and my time had already started, so my verbal was a nightmare. I was thinking about how I had messed up throughout the whole section, and could not concentrate.

I collected my results sheet and went home defeated. However, after doing some deep thinking, getting my MBA is definitely my next stop on my journey, and I'm not going to give up. I know exactly where I went wrong: Timing. I did not do a single practice test. I was so used to taking my time on practice problems, that when it was time for the real deal, I blanked.

I am rescheduling for December so that I can still meet the Consortium GMAT deadline. I'm also going to have to concurrently work on my essays and recommendations, but my eye is on the prize so I'm just going to have to tough it out. I am scheduling weekly practice tests, I am going to go through all of my lessons and practice problems on Magoosh GMAT, and I am going to buy the OG 13 and do all of the problems in it, because I currently have the OG 12, but I have a photographic memory so it is hard for me to re-do problems because I have already memorized the answers. I am also going to read the economist and the wall street journal articles first thing in the morning when I get into work to prep my brain for the long passages.

I will not be defeated!

Time to get into high gear!
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Bamboo09
So just as an update, I retook the GMAT last week and got a 460 :( . I was like 17% percentile in quant and I think 23% in verbal. It was devastating. AWA went fine, I got a 7 on IR, but once I hit the quant section, I took too long on the first few problems and my timing got way off. I'm not even sure if I hit submit on the final question before the timer ran out. It was a mess. Then during my break, I sat down to eat a snack and next thing I knew I got back to the computer and my time had already started, so my verbal was a nightmare. I was thinking about how I had messed up throughout the whole section, and could not concentrate.

I collected my results sheet and went home defeated. However, after doing some deep thinking, getting my MBA is definitely my next stop on my journey, and I'm not going to give up. I know exactly where I went wrong: Timing. I did not do a single practice test. I was so used to taking my time on practice problems, that when it was time for the real deal, I blanked.

I am rescheduling for December so that I can still meet the Consortium GMAT deadline. I'm also going to have to concurrently work on my essays and recommendations, but my eye is on the prize so I'm just going to have to tough it out. I am scheduling weekly practice tests, I am going to go through all of my lessons and practice problems on Magoosh GMAT, and I am going to buy the OG 13 and do all of the problems in it, because I currently have the OG 12, but I have a photographic memory so it is hard for me to re-do problems because I have already memorized the answers. I am also going to read the economist and the wall street journal articles first thing in the morning when I get into work to prep my brain for the long passages.

I will not be defeated!

Time to get into high gear!

Ohhhhhhhhhhh! that IS pretty devastating. Take your time before you take your next exam. There's no point or advantage rushing things, until you feel confident that you will get the best score you can.
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You definitely have the right attitude. You will not be defeated. Please keep us all updated.

Good Luck!!!!!!
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I'm back with an update... I just re-took the GMAT and I scored a 560 :-(. It is my highest score ever but alas it was not the 640 I was aiming for.

I messed up on IR this time and got a 2 (23%). Despite concentrating solely on Quant, I got my worst score ever. I barely touched Verbal and got my highest score ever.

I'm not sure what to do at this point. I'm 4 weeks away from the deadline and things are looking bleak.
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I am sorry your GMAT score did not increase, but my advice still holds in that you should still apply to the Consortium and your target schools because you come from two underrepresented minority groups. I have had many successful candidates with similar profiles.

Good luck,