Place the softened cream cheese in a large mixing bowl. Add the mayonnaise and mix using a spatula or hand mixer until the mixture is completely smooth and creamy with no lumps remaining.

Add the shredded sharp cheddar cheese to the bowl. Fold the cheese into the creamy mixture until it is evenly distributed and fully coated.

Add the chopped and well-drained pimentos to the mixture. Sprinkle in the garlic powder, onion powder, paprika, salt, and black pepper.

Stir everything together thoroughly until all ingredients are evenly combined and the dip has a consistent texture with visible pimento pieces throughout.

Taste the mixture and adjust the seasoning if needed. Add more salt, pepper, or spices according to preference. If a thinner consistency is desired, mix in a small amount of additional mayonnaise.

Transfer the dip to a serving bowl or storage container. Cover and refrigerate for at least 30 minutes to allow the flavors to develop and the texture to firm slightly.

Remove from the refrigerator, stir gently, and serve chilled or slightly softened at room temperature.