Assuming a relatively low mass for the black hole, I would expect the bullet to slowly fall to the center of the Earth. Gravity will pull the bullet downward, but gravity will lessen as it nears the center of the Earth. There will also be momentum burned off as the bullet encounters resistance from the Earth's crust. I don't believe that it could possibly retain enough momentum to do more than follow a short spiral around the core. Given a decay in momentum, I do not believe the bullet could 'bounce' back and forth to create a swiss cheese effect.