We present a systematic study of various forms of renormalization that can be applied in the calculation of the self-energy of the Hubbard model within the T-matrix approximation. We compare the exact solutions of the attractive and repulsive Hubbard models, for linear chains of lengths up to eight sites, with all possible taxonomies of the T-matrix approximation. For the attractive Hubbard model, the success of a minimally self-consistent theory found earlier in the atomic limit (Phys. Rev. B 71, 155111 (2005)) is not maintained for finite clusters unless one is in the very strong correlation limit. For the repulsive model, in the weak correlation limit at low electronic densities -- that is, where one would expect a self-consistent T-matrix theory to be adequate -- we find the fully renormalized theory to be most successful. In our studies we employ a modified Hubbard interaction that eliminates all Hartree diagrams, an idea which was proposed earlier (Phys. Rev. B 63, 035104 (2000)).
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