Hi Jajabor,
Back in early February, you noted that you had taken your 1st CAT/mock and scored 400 - so this improvement to a 650 is a significant achievement! That having been said, the additional 70+ points that you are interested in will likely take at least another 1-2 months of proper training. While there's no harm in taking the GMAT in August, if you are going to keep studying until you earn a 720+, then you could probably save some time, money and effort by pushing back your Test Date.
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:
1) What study materials have you used so far? What “brands” of CATs/mocks have you used?
2) Have you really taken just 2 CATs over the last 6.5 months? On what dates (or approximate dates) did you take EACH of your CATs/mocks and how did you score on EACH (including the Quant and Verbal Scaled Scores for EACH)?
3) When are you planning to apply to Business School and what Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich