Hi Kamalg1910,
Two years ago, when you were rejected by the Schools that you applied to, did you receive any 'feedback' about your Profile? I only ask because a 690/Q49 is a fantastic GMAT Score - so that would NOT have been why you were rejected. When applying to highly-competitive Schools, you will need a high GMAT Score along with a strong OVERALL profile AND you will need to properly 'market yourself' to each individual Program that you apply to. While retaking the GMAT (and scoring higher) would likely help your application, if there are significant 'weak spots' in other areas, then you'll have to properly improve those areas before you apply to any new Schools (and by extension, your time might be better spent on other issues instead of on the GMAT).
You're ultimately asking Admissions questions, so you would likely find it beneficial to speak with an Admissions Expert about your overall profile and plans. Those Experts should be able to answer your Admissions questions and help define the specific areas of your profile that could use some improvement.
There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/If you do choose to retest though, then it would help to know a bit more about your prior studies:
1) How long did you study in total?
2) What study materials did you use? What "brands" of practice CATs/mocks did you use?
GMAT assassins aren't born, they're made,
Rich