Should i buy a larger power supply?

Well, it's not a -super- low power build. The GTX 470 is a pretty power hungry card overall at about 220w draw. The Phenom 965 is also a 100w CPU. Add in some overhead and you could be around 400w draw if everything is full tilt. If you have a -good- 500w PSU, you'll be ok, even though the PSU will be on the downslope of your average efficiency curve.

If you have a no-name PSU, I wouldn't hold my breath that it would last a long and healthy life. If you have a no-name PSU, I'd start looking into getting a good brand PSU, and up the power to a 600w supply so you're in the sweet spot of the power efficiency curve.
 
A good 500 PSU is more than enough. If you are really hesitant, use a PSU estimator for total wattage used. A really common mistake is using a PSU that is too large for your needs. The idea is to get a PSU that will run at it's optimal level most often. That saves power, generates less heat, and is more efficient. If you are using a large PSU for a small demand, the PSU never has a chance to get to its optimal range.
 
If it's a Cool Master PSU there is a decent chance it is not a very good PSU depending on the model. I would check the model of your PSU especially if it is older. It may not be worth putting it in your build and endangering your components. Some Cool Master PSUs are excellent, some are decent but the rest leave much to be desired. So I would make sure what you do have is worth using. you can always check your model against the PSU tier list. If it is a tier 1 or a tier 2 your fine even a tier 3 can be ok. If it is 4 or lower I would reconsider using it at all.

http://www.tomshardware.com/forum/id-2547993/psu-tier-list.html
https://linustechtips.com/main/topic/631048-psu-tier-list-updated/