Thank you for your question. It is my privilege to be able to help you.
The bump that you describe may represent several things, but it is unlikely that the hydrocortisone will help it heal. Hydrocortisone is good for rashes and itching, but it will not help for the bump. If anything it may slow down the healing process if it is truly an infected hair follicle or an ingrown hair.
Some of the things that might be causing it include the following:
Inclusion cyst - these are clogged skin glands,
which generally are hard and round and may be a little tender when touched. They are not a major problem, and can be removed easily by your doctor if they are a nuisance.
Vulvar cysts - cysts that develop from on of the mucous glands in the vulva
, these can be from the Bartholin's or Skenes glands which produce mucous for the vagina
. They can be small, or they can grow and become painful In some cases they can get infected. warm compresses and sitz baths usually helps get rid if them, but if they get bad, you will need to have them drained by your doctor.
Warts - these are a sexually transmitted disease(STD) and have a typical appearance, they may go away on their own or your doctor can treat them if they persist.
folliculitis - infected hair follicles, often happen happens after shaving (Based on your description this is most likely the cause of your problem)
herpes - this is also an STD, and can cause painful vulvar bumps
In general, you should try warm soaks twice a day. If they go away, you do not need to worry. If they persist, or grow or become very painful, you should see your doctor for a diagnosis and proper treatment.
You may also want to use an antibiotic ointment like neosporin, but if you keep things clean, it is probably not necessary.
I hope this was helpful to you. If you are satisfied please don't forget to ACCEPT the answer. BONUSES and positive feedback are always appreciated. If you have any more questions, please feel free to respond to this question. Good Luck! Dr. SaulJE