Hi anchalgulati22,
With a 710/Q50, you have a GMAT score that will make every Business School happy, so I'm not sure why you're considering a retest. Many Business Schools have publicly stated that they do not use an applicant's IR score as part of the evaluation. There is also no evidence that that trend is going to change any time soon.
When an applicant is wait-listed or rejected, there's always a reason (and there might be more than one). When asked, Business Schools tend to offer that information to the applicant in question. Maybe the overall GMAT score is too low, maybe the work experience is a little "thin", maybe the School is waiting for the next Round of applicants before making any final decisions... I've never heard of anyone getting wait-listed or rejected because of a low IR score though.
As far as the strength of your OVERALL application is concerned, you have to look beyond the GMAT. How does your work experience "look?" Have you taken on any leadership roles? How about your Letters of Rec? Are you a strong enough writer that you can put together amazing personal statements/essays or will you need to work with an Admissions Expert to craft those messages?
Since you're not planning to apply to Business School for some time, I'm curious if you've put together your "list" yet? What schools are you considering? What types of programs?
GMAT assassins aren't born, they're made,
Rich