I would since that PSU is not the one to use and it is on the do not buy list. I will link you to it. Tier 1 is the best Tier 5 is the worst your PSU is on Tier 4 and since it told you you need a 500w then get it.
If you are going to buy a new PSU you should look to buy a Corsair, Antec, Seasonic, XFX, Silver Stone, and some OCZ models. If you are here in the states then here is a couple of 500w PSU's to look at. Good luck to you.