In a medium mixing bowl, combine the softened butter, powdered sugar and brown sugar. Mix with a hand mixer on medium speed until light and fluffy.
Add the softened cream cheese and vanilla extra and mix again until light and fluffy.
Stir in 1/2 cup of mini chocolate chips.
Roll the mixture into a ball, wrap completely in plastic wrap, and refrigerate for at least 2 hours. NOTE: You can also make this recipe in advance and store it, wrapped, in the refrigerator for up to 1 week.
Once your cheese ball has chilled, remove it from the refrigerator and unwrap it. Roll it in mini chocolate chips on a large rimmed plate or shallow bowl until coated. Serve with vanilla wafers, graham crackers, pretzels, or fruit!
NOTE: If your cheese ball is extra firm, let it soften up at room temperature for 20-30 minutes before rolling in chocolate chips.