Mix the Base: In a mixing bowl, combine the sour cream, softened cream cheese, and mayonnaise. Blend until smooth and creamy.
Add the Flavors: Stir in the ranch seasoning, garlic powder, onion powder, and hot sauce. Mix until well combined.
Incorporate the Cheese: Fold in the shredded cheddar cheese and ensure it is evenly mixed throughout the dip.
Chill and Serve: Refrigerate the dip for at least 30 minutes to allow the flavors to meld, then garnish with chives or green onions and serve with your favorite dippers.