I have a cut in my nose and its bleeding a lot. What would be the best way to handle this?

Bacitracin ointment. You most likely have a folliculitis which is an infection of the hair follicles inside your nose. This hurts a lot and bleeds from time to time. Bacitracin or polysporin (bacitracin and polymyxin) ointment put inside your nose with a clean finger (not a qtip) 4 to 5 times a day can help a lot. If it does not clear within 10 days you need to see an ENT doctor. Stay away from neosporin or neomycin as this med can irritate.