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gt7er
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I believe it depends on your "demographics" and target schools. In general you're fine, but from what I've heard here and at other forums, some people (IT Indians for instance) need a higher score to be a little bit more competitive.

Having said that, I think that with 700 you can be competitive, but it depends on the "whole package".
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I echo what others have said. Something else to think about is what your score breakdown was (q & v). If one of your scores is below the 80% range then I would consider retaking especially if you are applying to schools that are know for being very quant focused.
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I agree overall with the above statements..

Think of it this way - if you think you can do better while avoiding detriment to other aspects of your portfolio, retake it. I had a 710, felt I underperformed, and have a ton of time before apps are due in October (applying Fall 09), so I retook. It paid off and I got a 730. I don't know if it will make a difference come app time, but it sure helped my confidence!

If you think you can do better, go for it! You already have the 700, so the rest is gravy.

best of luck!
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I retook with a 690 because the 3 schools I was applying to had averages around 720-730. I was able to get a 99th percentile the second time, and I think this would put you in a more competitive position.
However, if the schools you are applying to have GMAT averages below or around 700, I'd say it's not worth it.
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I took it again with a 710 because my quant was very low (40). I was nervous the first time and knew I did not perform well. One month later I had a 760 with a 50 quant, so it was worth it. I also had a GPA in the low end of most schools' 80% range, so I needed to compensate for that. So if you have a balanced score and a good GPA, then i would say no. If you have a low undergrad GPA or an unbalanced score then I would definitely recommend considering taking the GMAT again.