HELOC denied because of low LTV

[George Hernandez]

Good morning Biggerpockets fam!!!

So I need some advise and I'll try to keep it short and simple. I tried to get a HELOC on my rental property, but the bank denied me for a low loan-to-value on the property. Here's my question: Should I use my w-2 income to pay down a lot of principal and re-try to obtain that HELOC? Home was valued at $455k and currently owe $283k. Bank only does 70% LTV on rental property. I believe minimum is $40k they allow to be approved. Let me know what you guys think.