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So I got a 161 in October which is disappointing. I'm considering a retake but I was wondering if I apply now early with my 161, and I don't get in can I reapply this cycle with my December score? Or alternatively, if I don't get my admissions decisions back before mid January, can I replace my October score with my December score on my application?

Some schools will let you reapply after a rejection, but it's definitely not a given. You can absolutly forward your new scores to the schools if you've yet to be admitted or are waitlisted, and they will reconsider your app based on the new info.