Combine spices: Gather all the seasoning ingredients like chili powder and cumin, mixing them well in a small bowl. Set aside and let the cream cheese soften at room temperature for easier incorporation.

Sauté vegetables: Heat the butter and olive oil in a large soup pot over medium heat. Add the diced onions and jalapeño pepper, cooking for about 4 minutes until soft. Stir in the minced garlic for an additional minute until fragrant.

Add chicken and ingredients: Pat chicken dry and season both sides with salt and pepper. Place it into the soup pot along with the red enchilada sauce, diced tomatoes (with juices), drained black beans, drained corn, chicken broth, and any hot sauce if desired.

Cook chicken: Bring the soup to a gentle boil and let it simmer for about 15-20 minutes, allowing the chicken to cook through. Once done, remove the chicken and shred it using two forks, then return the shredded chicken to the pot.

Incorporate cheese: Reduce heat to low and stir in the softened cream cheese until it's fully blended. Next, add in the shredded cheddar and Monterey Jack cheeses, mixing until melted and creamy.

Season and serve: Taste the soup and adjust seasoning if needed. Serve your creamy Chicken Enchilada Soup warm, and enjoy all the flavors!