What could cause a swollen bump in the outer crease folds (outer v) of the eye? its not itchy or red, not painful & softjust looks like swollen tissue. should be concerned?

most likely could be a chalazion, stye, which is a blocked oil gland, the best course is to apply a hot compress (wash cloth with hot water from a sink) until the rag is cool. However, the best thing to do is to see an eye care professional.

Could be a hordeolum or chalazion but would more likely have been red and tender at its outset. Try warm compresses as often as possible for a week. If not improved or resolved, see your eye doctor.