Hi Nikita,
Welcome to GMATClub!
First thing first, there is a B-School open for every GMAT score and profile that one
can have. If your intention is to only go to a business school, believe me, you are all
set. But the whole point of doing a second degree is to do it in a school of repute.
For you to get into a decent B-School, the GMAT score of 550 is not going to be
enough(considering the tough demographic)
If I were you, I would GMAT another shot or give the GRE a shot when I feel I have
given the exam to the best of my abilities. It could take 2-3 months while you do so,
But if you intend to apply as it is, you could look at some of tier 2 Canadian B-Schools
which offer an excellent ROI. If you apply early in the cycle, you might have a decent
shot at some of these schools. That said, a better GMAT/GRE score will help you with
a small scholarship at least.
Hope this helps you!