In a medium mixing bowl, stir together chili, hot dogs, cream cheese, and 1 cup cheddar cheese, until evenly combined and cream cheese is completely incorporated.
Transfer to an 8-inch x 8-inch baking dish. Spread dip into an even layer. Sprinkle top of the dip with remaining 1/2 cup cheddar cheese.
Bake 25 to 30 minutes or until the dip is bubbling and cheese is melted. Serve warm or at room temperature with corn chips.