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I scored 540 on my Diagnostic test (different one though) and then was able to get 750 4 or so months later on the real test.
Here are some of my thoughts on the study plans to use: gmat-study-plan-for-gmat-novices-start-your-gmat-journey-80727.html.

P.S. It is possible to improve quite a bit.
I would say it is straightforward to get 50 points. Takes a month to get to 100 points, another month to get another 50, then another month to get 25, and so on. After month 5 or 6, it starts rolling backwards due to short term memory expiration, meaning that if you study for 12 months, you will score less than you would have 2 months into it. It is very rare to improve 300 points. I have only seen a handful be able to do that, but 150-point improvement is definitely doable with solid effort, reviewing, and focused attitude.
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