I dabbled in such techniques for a while (after reading
Hannibal 
), and my impressions were mixed. They seemed to help memorizing complex long sequences in a way that I could recall them hours or days later, which was neat. But when applying this in the long term to a multitude of infrequently used sequences (passwords and phone numbers), I found that for me even the most bizarre mnemonic image encodings would soon blur into a useless chaos. So the credit card number involved Einstein throwing a pizza at Princess Leia on a tricycle, but did Leia crash the tricycle into a shark, or an elephant - or was the elephant crash something from my dentist's phone number?
Eventually I gave up on this. Memorizing the original sequences themselves seemed to work just as well/poorly in the long term, but without the need to spend time translating them into elaborate short stories. Might be just me, though. Do you use such methods for many passwords?
Edit: typo