I've had this red bump on my lip for a couple of days. I'm not sure if it coldsore or not, however here is a description I can give you about it:
1) Red bump about 0.5 cm in diameter.
2) Small white bumps are seemingly below the surface of the red bump. There are usually 1-2 at a time and they take turns rising up to the surface and then "dry off". Very small, similar to whiteheads.
3) Bump is not itchy or painful at all.
4) Other than those small white bumps occasionally oozing off, there is no sign of the bump opening up and scabbing (what people claim happens to a cold sore).
5) I was initially using clindoxyl on it for a while (thinking it was a stubborn pimple); didn't help.
6) Thinking I might of gotten oral herpes from using someones chapstick (when I had dried lips), I started using Abbreva. It helped I believe, because when using this, the white dots started "drying off" at a quicker pace (even very shortly after applying the topical cream).
The red bump seems to be reducing in swelling and starting to leave. I have had this for more than a week at this point
From the symptoms it looks like irritated and infected hair follicles. Keep the area clean and apply some topical antiseptics. Also use an antibacterial soap or mild soap like dove. Avoid any kind of cosmetics. Topical antibiotics such as mupirocin or neomycin containing ointment are also useful. In case the symptoms persist then oral antibiotics may be needed. Please consult a dermatologist in that case.
I hope it helps. Take care and regards.