I'll step in if metmom doesn't mind.
The believer has been identified with Christ's death on the cross and burial and resurrection. He is now sealed by the Holy Spirit as a down payment for the rest that is to come. His fate is decided through no merit of his or her own.
What remains is the bema seat judgment, where the quality of a believers works on earth will be tested "as though through fire." What is revealed as gold, silver and precious gems will determine the believers rewards in heaven. Even if he or she has squandered their lives and everything is burned up, they themselves will be saved.
Go right ahead. You protestants seem to be stepping all over each other. How many denominations are y'all up to now?