For years, I was frustrated by stripped screw holes, particularly with wooden doors. To get a screw to stay in the stripped hole, I stuffed wood pieces, plastic anchors, basically anything I could find that would fit in the hole. Usually the fix failed, and I was again searching for a MacGyver fix.
A friend suggested Plastic Wood Cellulose fibre filler, which can easily be found at your local hardware store. Simply squeeze a thin layer into the into the stripped hole, let it dry, then repeat until the area is sufficiently closed up. It's easy to use and quick drying, and is sandable and paintable. Usage isn't limited to screw holes, it can be used on any finished or unfinished wood. Highly recommended. — Tony Bieda