No there is no way to cancel your scores once you've seen them unfortunately. I'm sorry the test didn't go better, but there isn't a single school that will look down on you for taking the test twice, or even three times, so I wouldn't worry that you need to take it again. You can just send them your new scores before you apply.

A score in the 400s indicates that you are lacking in the basics. I would by the OG 12, and a HS math book, maybe Manhattan SC guide (improving SC is probably the simplest way to improve your V score) so that you can do some review. In the OG, if you're just targeting the mid 500s, I wouldn't spend overmuch time on the last 1/3 of each section, since those are where the more difficult, 680+ questions are.

I don't know how long you have before you retake, but if you're not taking a course, I would look into purchasing some practice tests. For your level of ability, any test company should be able to help with bumping up the 100 points or so (MGMAT seems to be favored around here, and they give you fantastic analytics on your performance). Definitely download and do the GMATPrep tests, and after each practice test, spend a long time going over your answers, especially the ones you got wrong or guessed on. Don't just know why you got it wrong, learn why it was wrong and why you chose the answer you did so that you don't make a mistake.

Good luck!

Thanks for your quick reply. I will certainly work on these areas and get these guides.

I found out that I cant cancel my scores now, I should have just left this area blank and if I liked my scores pay the extra to send them out. I will do that in the future.

I just hope if I get my targeted score it wont be discredited because of my first score. That they see the big improvements instead. Like I said my goal is to just get into a well-rounded school, and I have everything other than my test scores.

I will certainly post and update later when I take my second test and hope this lead to a success story at the end of the day.

Thanks.