Will this SAT score affect my chances?

I am an Indian female who took the May5, 2018 SAT. I got a composite score of 1500; 700 reading; 800 Math.
Will a low score in reading affect my chances in MIT, Cornell and Caltech? I have pretty good extracurriculars, teacher recs and can write decent essays.

1500 is on the lower end for top schools such as the one you listed (especially Caltech) but it shouldn’t be a real problem as long as you have truly strong ECs, essays, and recs. I would still suggest thinking about retaking it for a superscore.

Your competitors will have truly impressive EC’s and SAT scores. So you’ll face stiff competition due to your 700 score. Do you have any hooks?

Your score won’t kill your chances. At this point, it’s about your essay and the rest of your application. Write a killer essay that allows admissions officers to see you as a person, not just a test score.