Hi camlan1990,
First off, a 700/Q50 is an outstanding score (it's right around the 90th percentile overall), so you should apply to any Business Schools that interest you. As such, a retest is likely unnecessary. Since you're asking about scholarships, you're ultimately asking Admissions questions, so you would likely find it beneficial to speak with an Admissions Expert about your overall profile. There's a Forum full of them here:
ask-admission-consultants-124/1) Do you know which specific Schools you plan to apply to?
2) When are you planning to apply?
GMAT assassins aren't born, they're made,
Rich