Do I have a shot at top 10-16 programs with a 640 GMAT?

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I scored 640 (Q44 V34) the first time on the GMAT. I attributed this low score to nerves and lack of verbal prep so I signed up for a retake. I've also never been a strong standardized test taker. I retook it today and got the same score 640 with nearly same splits. I was very disappointed in this score as I had been planning to apply by round 2 this year. I can retake it in December and try to get applications put together but I am going to be in a time crunch.

1. Is it better to apply in round 3 with a higher GMAT score (not sure what I can get) or apply in round 2 with a 640?

2. Assuming that I have the rest of the package (except low undergrad GPA which I mitigated with a high Master's GPA, do I have a shot at top 10-16 programs?
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by Jon@Admissionado » Tue Nov 12, 2013 4:13 am
A 640 is not really high enough to apply to Top 15 programs with. Consider retaking.
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by limitedbygmat » Tue Nov 12, 2013 8:08 pm
Is there any negative application impact if I apply first to meet the R2 deadline then submit an updated score before my app goes under review? Ideally, I would like to apply from the start with a higher score but I may not be able to meet the deadline.