In large microwavable bowl, mix cereal and bagel chips; set aside.
In 2-cup microwavable measuring cup, microwave butter uncovered on High 30 seconds or until melted. Add brown sugar, cream cheese and cinnamon. Microwave uncovered on High 1 minute 30 seconds, stirring every 30 seconds, until mixture can be stirred smooth. Stir in vanilla. Pour over cereal mixture, stirring until evenly coated.
Microwave uncovered on High 5 minutes, stirring every minute. Stir in raisins. Microwave 1 minute longer. Spread on waxed paper or foil to cool. Store in tightly covered container.