Hi dhruvmm,
To start, raising a 550 to the point that you can consistently score 750+ will likely require at least another 3 months of consistent, guided study - and you'll have to make significant improvements to how you handle BOTH the Quant and Verbal sections. Thankfully, the GMAT is a consistent, predictable Exam, so you CAN train to score at a higher level.
Each CAT/mock is really a 'measuring device' - when used correctly, it will give you a realistic score and help define your strengths and weaknesses, but it will NOT help you to fix any of those weaknesses. To raise your scores, you have to learn the necessary Tactics and put in the proper practice and repetitions. The CAT will show you whether your studies are helping you to improve or not. As such, you really should not take more than 1 FULL CAT per week (and at this point, it would likely be more effective for you to take your CATs every 2-3 weeks for the next couple of months).
Before I can offer you any additional advice for your studies, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long have you studied?
2) What study materials have you used so far?
3) How have you scored on EACH of your CATs/mocks (including the Quant and Verbal Scaled Scores for EACH)?
Goals:
4) When are you planning to apply to Business School?
5) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich