I got to liking guile right off the bat as a lisp working environment. Yet it bugged me that you couldn’t use the up and down arrows to see your previous entries. Well here is the fix:

(use-modules (ice-9 readline)) (activate-readline)

If you would like it to automagically be applied on startup then edit ~/.guile:
Add the following line:

(use-modules (ice-9 readline)) (activate-readline)