My tires are only a year old and I noticed a slight bulge running up and down on one tire.
Torn cords, usually the result of a pothole. Not repairable, and your tire will fail.
When the steel bead in the tire sidewall breaks. It could happen when you hit a curb or a pothole. You should replace the tire.
This is a sign of a weakness in the sidewall, usually caused by pothole/curb damage. The internal structures (the belts) of the tire can tear under sharp impact and allow the air pressure to create a bulge in the sidewall. This cannot be repaired. The tire needs to be replaced. if you have a road hazard warranty on your tires you might be able to get a replacement free or at a reduced (prorated) cost from the place you bought the tires Don't wait for it to blow out. It will do so under the highest heat conditions, which is likely during freeway drivingjust where you don't need a blowout. If your tires have significant wear, you should replace two at a time. For instanceboth front or rear tires. Save the extra as an emergency spare. As tires wear they become smaller (less tall) and can adversely affect the efficiency or operation of things like computer controlled (ABS) braking or other traction assists.