Heat oil in a large pot over medium heat. Add onions, carrots and serrano chile. Cook for 5 minutes. Add garlic and cook another minute. Add beef, salt and pepper and cook 6 to 8 minutes or until beef is browned. Drain fat.Advertisement
Stir in ketchup, mustard and potatoes. Cook 3 minutes.
Stir in beef broth and bring to a boil. Simmer, uncovered, about 10 minutes.
Stir in cheddar soup until smooth. Cook 2 minutes or until heated through. Serve with shredded cheddar cheese, and pickles, if desired.