Pour in the broth. Add the diced potatoes, thyme, pepper, and salt. Bring the mixture to a boil, then reduce heat and simmer until the potatoes are tender, about 15-20 minutes.
In a separate bowl, whisk together the flour and milk until smooth. This prevents lumps.
Slowly pour the milk mixture into the simmering soup, stirring constantly. Continue to cook, stirring often, until the soup thickens, about 5-10 minutes. Do not let it boil rapidly.
Reduce the heat to low. Stir in the heavy cream, shredded cheddar cheese, and cubed cream cheese until both cheeses are completely melted and the soup is smooth.
Taste the soup and adjust salt and pepper if needed.
Ladle the soup into bowls. Top each serving generously with crumbled bacon and any other desired toppings. Serve immediately.
Notes
For an extra smooth soup, you can use an immersion blender to partially blend the potatoes and vegetables before adding the dairy.
If you prefer a thicker texture, use less broth or let the soup simmer uncovered for a few extra minutes to reduce.
Anya suggests using a high-quality sharp cheddar for the best flavor punch.
Sasha often adds a dash of hot sauce at the end for a little kick!