Yep. What these guys said (both made great points!)
The fact that you're considering cutting at all probably means you have some body fat to lose.
So take care of that first, if you want to do both. If you bulk first you'll probably make things tougher to on your first cut.
If you want advice on how to do that, give us more info (age, height, weight, estimated BF%, training history, current diet info, supplement/gear use both past and present, etc).