Preheat the oven to 400ºF and lightly spray a 2-quart baking dish with cooking spray.
Add the softened cream cheese and sour cream to a medium-sized bowl and blend with an electric mixer or silicone spatula until well combined and smooth.
Spread the cream cheese and sour cream mixture into the bottom of the prepared baking dish.
Add the full can of chili on top and spread it into an even layer.
Finally, sprinkle on 1 ½ cups of shredded cheese.
Bake in the preheated oven for 20-25 minutes, or until bubbly and hot, OR heat in the microwave for 2-4 minutes on high.
Serve with your choice of tortilla chips, corn chips, sliced veggies, etc.