Preheat your oven to 350 degrees F.

Dice the hot dogs cutting them into small pieces. This will help make sure you get hot dog in almost every bite. If you want bigger hot dog pieces in your dip that's fine, but I like the distribution of small pieces.

Combine the hot dogs, Hormel chili, 4 ounces cheddar cheese, and cream cheese in a medium mixing bowl until well mixed.

Transfer the dip into a 9-inch by 9-inch baking dish and spread evenly in the dish.

Evenly sprinkle the remaining 4 ounces of cheddar cheese over the top of the dip.

Bake for 25 to 30 minutes, or until the cheese is melted and the dip is bubbling.

Carefully remove from the oven. Serve warm. (We like our dip with corn chips!)