It first looks like an I grow hair to I treys to pop it now it hurts and starts to bleed when ever it wants

See a doctor... there are a lot of possible causes... some minor... some serious.

Cysts around ingrown hairs are indeed common. If it hurts, it could be infected by bacteria moving in when you popped it. Go to a clinic, but also buy some peroxide and some antibacterial cream ('triple antibiotic'), apply sparingly, after gently washing and patting dry. Wear clean cotton panties and loose clothing.