The best way forward depends on a lot of unknowns.

• What make and model of guitar?
• What type of finish (poly or lacquer)?
• You mention “blacking it out”, so I’m guessing the color is either black or a burst?
• Where is the chip (front of the body, neck, headstock, neck/body joint, under the pick guard)?
• How big is the chip (size of a pencil eraser, size of a quarter, etc)?
• Is it down to the wood? Or only the clear coat? Is there a clear coat?

Pics would help clarify quite a lot.