That sounds correct however the LED is a diode which has a reverse break down voltage. The breakdown voltage should be way above the voltages you are using. Take a look at the Vf (voltage forward) of the led segments, you may have to use 5 volts. Many LED displays put two sometimes more LEDs in series to get brighter segments. This response is to help you get started in solving your problem, not solve it for you.
Good Luck & Have Fun!
Gil