GMAT 5 Year Rule + First Round of Application

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Newbie | Next Rank: 10 Posts
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Joined: 07 Apr 2020
Hi everyone,

I had taken the GMAT a while back, on 1st August 2015 and scored a 620. I'm hoping to take it again this year and had a couple of questions:

1) How does the 5-year rule of score validity work? Does my GMAT score from 1st August 2015, expire on 1st August 2020 exactly or is there some other cutoff date?
2) Is it wise to wait out till 2nd August 2020 (or after) to ensure the previous score of 620 (which I had accepted back in the day) wipes off the slate? Am I at a disadvantage if I take the GMAT before 1st August 2020 and both my scores are sent to my choice of 5 schools vis-a-vis taking it on or after 2nd August 2020 and sending only my new score to my choice of top 5 schools?
3) For the first round of applications for the batch going into 2021, it seems like most top schools accept applications until early Sept. Is the first week of August too late to appear for the GMAT? Will I have ample time to fill in the applications in the first round for the top schools, assuming I take the GMAT between 2nd and 10th August?

Thanks in advance and I appreciate your help with my rather specific questions.