Hi Stuart,
The CLEP is an interesting idea. It certainly couldn't hurt you, but it also is not the same as actually taking a calc class. After all, the GMAT tests for quant skills, so taking another quant test doesn't tell the adcom anything new (except that you've become good at taking math tests). The value you'd get from going through a formal class -- online or in-person -- is that it proves to the school that you can succeed in an academic environment. The online class in particular could highlight the fact that you're now self-motivated and responsible and willing to do the work.
Whenever we see an F on an undergrad transcript in a quant subject, we always recommend re-taking the class to redeem yourself. Many schools will require you to go through a pre-matriculation calc class if you don't have proof of it. *Maybe* they would accept the CLEC, however we sort of doubt it. Yes, schools like Columbia College are in that list of CLEC-accepting institutions, but most bschools do not accept any transfer credits. If you want to go to Haas, you'd be sending a strong signal to them by just taking the X1A class now, and plus it would save you that worry later.
It's great that you're taking these actions - they can really make a difference for you. What a shame about that F; it has more power now than you probably ever expected at the time. But, you can fix it too! BTW, telling the adcom that you've taken the MIT OpenCourseware classes can boost your "quant transcript" as you're calling it -- obv it's not enough, since anybody can say they took those classes and there's no record, but it could be slightly additive. The stuff from Khan's Academy might also qualify here (
https://www.khanacademy.org ), besides being such an awesome resource in its own right for people trying to learn stuff.
We cover the low GPA issue in some detail on our blog at
https://bit.ly/om8F38 - you're already doing the right things, it seems.
Also: You could always contact the schools and pose this question to them - you could do it in an online chat or send an email. Sometimes they are unhelpful in their answers but some schools might actually give you a more direct "yay" or "nay" on it. Doesn't hurt to try! (If you do that, please report back - this CLEC thing is interesting, we had not heard of it before.)
Good luck with it!
EssaySnark
