Yesterday I took the GMAT and got a 550 (Q/35, V/31).

My first attempt at the GMAT was a year ago and I got a 520.
I took a Manhattan GMAT class and have been studying for 3 months pretty hard core.

On the Manhattan GMAT tests I was scoring between 520-590. On my last MG test I scored a 590 (Q/41, V/31).
To credit MG, I did improve my score from the first MG test of a 490 (Q/26, V/32).

I'm disappointed to say the least.

I was planning on applying to the following:
Kellogg (part time)
Depaul
Loyola Chicago
Boston College

GPA 3.0, Liberal Arts at a solid State University
Sr. Credit Analyst for major fortune 500 corp
Work experience 8 years

Any advice?

Thanks!

Dont worry! Seeing your score, I think you can improve a lot in Quants and Verbal.
Set yourself a target score. Keep your target Q Score as 47+ and Verbal as 45+... YOU WILL BE In 700+ pool.

Couple of areas where you can reap in scores:-
In Quant:- Data Sufficiency
In Verbal:- Sentence Correction and Reading Comprehension

List out the areas where you are weak. Analyze and revise your strategy. I am 100% sure you will crack GMAT next time.

GMAT is just an exam!

Hope it helps!