Huge FPS drops and Open GL error

When I log into Minecraft, Singleplayer and Multiplayer, I get huge FPS drops from 261 to 32. Then, in the chat it says "OpenGL Error 1285 Out of Memory" And sometimes, my Minecraft closes, just in the middle of the game, then I get a crash report. It affects Minecraft 1.7.10 and I don't know if it does in 1.8, I didn't write 1.7 in the "Affected versions" because it says it couldnt find it and I can only put in 1.8.7
From what I heard, It affects other versions such as, 1.5.1