The good news - your username is prophetic here...you will survive!
The way it typically works in admissions is that on your application form you self-report (type in) your highest GMAT score.
GMAC sends the schools official score reports that have your entire testing history (for five years on it), so theoretically schools can look at your old scores.
But... Those official reports sit on file and are only called up when a school wants to view them to confirm your score or to otherwise dig into your application. We've talked to admissions officers who have said that in some cases they don't actually bother going to the file to confirm - just the threat that they could at any point during your tenure, catch you in a lie (if you self-reported, say, 780 but really only had a 620) and boot you out of school is usually enough to keep people honest. So while the schools have access to your full score report:
-They may never even look at it
-They don't have much incentive to "punish" you for a low score if you also have a high one
Schools want you to have a high score just as much as you do. They get to publish your highest score in their statistics, which they report to prospective students and prospective recruiters. So if you have a 720 and a 360, they get to use your 720 in their "brag stats". So they're happy that you have it. And schools also know that the GMAT is an easy test to underestimate. They know that people who have done well on the SAT, ACT, and other tests might just assume that they'll do well on another, similar test (without realizing that the only people who actually take the GMAT or LSAT are those who did well enough on the ACT/SAT to get into college, be successful, and go on to consider higher education beyond that). So they're not all that apt to punish you for the confidence to take the GMAT and then the harsh reality that it was harder than you thought.
In almost all cases, schools really only care about your highest score. So don't worry - you'll survive!
Brian Galvin
GMAT Instructor
Chief Academic Officer
Veritas Prep
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