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i got 6.5 overall but 5.5 in listening..should i apply or retake??
I think you are talking about study permit here. Anyways, since you have got 5.5 in listening , i think you should retake ielts as chances of improvement in listening are great with little practise and you will be better served with a score of 6 or 6.5.
 
I don't think, you should not go for a recheck. There is no possibility of an increase in listening and reading.
So don't waste money and book next test :)