In wood, get some wooden toothpicks, dip one in wood glue, and stuff it in the screw hole and break it off at the surface. Repeat until the hole is filled, then let the glue dry before drilling a pilot hole and replacing the screw.
If the wood is soft or made of a composite material, such as MDF or particle board and the next repair won't show, drill out the hole big enough to glue in a hard wood dowel at least twice the diameter of the screw. Once the glue has dried, drill a pilot hole and replace the screw. The harder wood of the dowel will be less likely to strip when a screw is tightened in it.
If the wood is thin (or it is metal), the backside will not show, and the repair will be hidden, drill out the hole just large enough to insert a hollow wall fastener (often called a Molly bolt), expand the fastener by driving in the included screw, then remove the screw and reinsert it to hold down whatever the original screw was holding.
If you have access to the back of thin wood and the backside will not show, you can always glue a small hardwood block to the backside of the thin wood, then use a longer screw that will reach into the hardwood block (be sure to drill a pilot hole first).
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Jeannie
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