Resolved in: Toolset CRED 1.8
CRED does not show the default value previously set in Types for the Select field.
This issue will be fixed in the next release of Toolset CRED.
Until then, you can download, this file this file, extract it and use it to overwrite the existing file in your website’s ../plugins/cred-frontend-editor/embedded/classes/ location.
Please remember to make a backup before doing this.