There's a substantial thread of Scripture supporting the "genuine-but-unprepared believer" reading.
1. Doers vs. Hearers Only
James 1:22-25 (KJV): "But be ye doers of the word, and not hearers only, deceiving your own selves... For if any be a hearer of the word, and not a doer, he is like unto a man beholding his natural face in a glass."
Connection: James addresses this to "brethren" — fellow believers — not outsiders. The charge isn't apostasy but self-deception. A hearer-only is
foolish (deceived about his own condition), not necessarily unregenerate. Matthew 7 defines foolish as those that hear His words but don't do them. They built their house on sand, the storm came and great was the fall of that house. Same with these foolish Virgins, being locked out of the wedding is equivalent to a great fall in the "house" that they have built.
2. Love Defined as Obedience
Luke 6:46 (KJV): "And why call ye me, Lord, Lord, and do not the things which I say?"
Connection: The rebuke here is milder than Matthew 7:23 — no "I never knew you," just a question exposing inconsistency. Compare
John 14:15, "If ye love me, keep my commandments" — obedience is love's
evidence, which implies a real but deficient love is possible, not merely its total absence. God tells us to dig down to the rock to build our house, and warns us about those who build their house on the sand. If you build your house on your opinions and not on the solid word of God, then you are foolish and are not doing what the Lord told you to do.
3. Fire That Tests Works, Not Persons
1 Corinthians 3:13-15 (KJV): "the fire shall try every man's work of what sort it is... If any man's work shall be burned, he shall suffer loss: but he himself shall be saved; yet so as by fire."
Connection: This is the strongest single proof-text. Paul explicitly separates the
person's salvation from the
quality of his works. A believer can build with "wood, hay, stubble," suffer total loss of reward, and still be saved — which is a very different outcome than "I never knew you." A category of believer who is saved but excluded from reward/commendation. Also Jesus didn't say "I never knew you" to the virgins, only "I know you not". We go to the Lord and get a word from Him and thus He knows us. If you are borrowing a word or testimony or message from someone else, for example if you let AI write your posts, then the Lord can say "I know you not". He didn't work with you on this, you let AI work with you on it.
4. Judgment Beginning at the House of God
1 Peter 4:17-18 (KJV): "judgment must begin at the house of God... And if the righteous scarcely be saved, where shall the ungodly and the sinner appear?"
Connection: Peter distinguishes "the righteous" who are "scarcely saved" (i.e., saved with difficulty/loss) from "the ungodly and sinner" as a separate, worse category. It is not simply "saved or not saved". You have saved with reward, saved without reward, and scarcely saved with total loss. Think about Enoch, depicting the raptured ones, then you have Noah and the seven souls who go through the flood, tossed around in the ark like being in a washing machine, and then you have Lot who was scarcely saved.
5. Sleeping Believers, Not Dead Ones
1 Thessalonians 5:4-6 (KJV): "But ye, brethren, are not in darkness... let us not sleep, as do others; but let us watch and be sober."
Connection: Paul uses sleep/wake imagery for believers ("brethren") in the very context of the day of the Lord, and treats sleep as a real danger for genuine believers, not proof of unbelief. The number 10 is not a complete number for believers, that would be 12. If two believers were awake and watching, and ten were asleep. That is two categories. Then of those that were asleep have were wise and half were foolish. Why? Because half had built their house on the rock, they dug down to get a revelation of Jesus Christ for themselves and half were foolish borrowing someone else's faith. Lot is a good example, his uncle Abraham was the "Father of Faith" and he followed Abraham but winds up in Sodom.
6. Are they liars? 1 John 2:3-4 (KJV): "he that saith, I know him, and keepeth not his commandments, is a liar, and the truth is not in him." John's language is stronger than James's — "liar" and "truth not in him" sound closer to unregenerate than foolish-but-saved. The foolish virgins were told to go and buy the oil for themselves and they did that, so it seems from the text that they were "foolish" because they hadn't done it sooner, but they weren't liars.
7. Is their faith dead? James 2:14-17: "faith without works is dead" — It seems the answer is no. Their is no indication in the story that they are "dead", or that their faith is dead. Instead they are foolish because they "missed the boat". They should have been prepared for when the midnight cry took place, but now they have arrived, oil in hand, but the door to the plane to rapture them has already been closed and they have been left behind.
The bottom line is that it is not for us to judge. Jesus says "I know you not" and so that is what they need to repent of. There is nothing in the story that would allow us to see that as eternal damnation.