First, nice job! Remember that a 730 median or mean indicates that there were a lot of admitted students with scores below that level as well. A 700 is not going to keep you out. It won't get you in - but, honestly, a 750 doesn't get you *in* either. They'll think "7xx, that's fine. Okay, let's see what's going on with the rest of the application." :)
Next, take a look at the percentiles associated with each score:
http://www.mba.com/the-gmat/gmat-scores ... means.aspxYour V40 score on the first test is the 90th percentile - a fantastic score! You're scoring better than 90 percent of the people taking the test. Going to 42 (96th) or 44 (98th) basically means having an almost perfect day. NO careless errors (or maybe just one). Falling into zero traps. No timing issues. You're in the zone. You're not suffering from mental fatigue (or it's so minor that it's not messing you up AT ALL). Etc.
If you really want to go back into this someday, then two things will help:
(1) A clear, systematic process for every question type (or question sub-type, for CR and RC). You know exactly what you need to do for everything so that your brain is almost on auto-pilot for the process. That way, ALL of your conscious brain energy is focused on the details of this specific, unique question. (So you already know exactly what you're supposed to do for CR Strengthen, what characteristics the correct answer must have, what the common trap answer types are, etc. You don't even have to think about it.)
(2) The ability, when studying, to do the following analysis on the hardest questions. On the two most tempting answers (the right one and the most tempting wrong one):
a) why was the wrong answer so tempting? why did it look like it might be right? (be as explicit as possible; also, now you know this is not a good reason to pick an answer)
b) why was it actually wrong? what specific words indicate that it is wrong and how did I overlook those clues the first time?
c) why did the right answer seem wrong? what made it so tempting to cross off the right answer? why were those things actually okay; what was my error in thinking that they were wrong? (also, now you know that this is not a good reason to eliminate an answer)
d) why was it actually right?
You can do this so well that you could actually explain it to someone else - not just in a way that YOU understand, but in a way that the other person understands.
That's what it takes to score 96th+ percentile in verbal. :)
But, honestly, you don't need this! You scored better on verbal than on quant. By a LOT! If you wanted to retake, your best bet would be focusing on improving quant - there's more room for improvement there, percentile-wise.
Even then, you should talk to an admissions consultant first. Depending upon your profile, re-taking the test might not be the best use of your time. There might be something else that would be more valuable in helping to improve your overall profile.