I screwed my December test and I've decided to retake on 2/7/2015.
Should I submit my application before I retake the test? My concern is that I will get a denial before I report my new score in February.
Just sit out the cycle. You really can't have it both ways, they'll either decide now on your bad score, or wait for your better one and treat you like a very late applicant. It's just a few months till September from score release.