The following is an excerpt from an article outlining, very well, the differences between Reformed, Covenant, and Dispensational Theology.  I highly recommend reading the article as well.

If you are a regular reader, you know that I was raised in Dispensational Theology. So, you will understand when I begin with the fact that Dispensational Theology often does not follow its own rule of literal interpretation or taking the scriptures; and I quote: “…at face value. Interpreting passages normally and plainly, while recognizing figures of speech, but without spiritualizing them and while paying attention to the details, which are recorded therein.”  This is basically their own definition of literal interpretation, I have taken this particular rendering from Dr. Tony Garland, as well as what follows in the next paragraph.  But before we look further at what Tony states, let me just say that I believe that the New Covenant in Christ is taught in Scripture as God’s promise to redeem and unite all of His people in order to bring about all of His promises to mankind. That would mean from Adam right down to the present.  That fact has brought about what Paul calls one new man in Christ.  It fulfills Paul’s explanation in 1 Cor 15:21, regarding the need for all of mankind from the time of man’s creation in the image of God, to be joined “in Christ” in order to accompany Jesus at the first resurrection. Lately we have looked at just how that would happen. We will touch on it again here.

But, now I want to examine a piece of what Tony Garland believes concerning all theories except his own Dispensational beliefs. 

“The concept of the ‘body of Christ’ being a mystery unique to the New Testament, having been formed in the Book of Acts and excluding all believers prior to the giving of the Spirit on the Day of Pentecost is denied [by the covenant Theologian] (Mat 16:18; 18:17; John 7:39; 14:16; Acts 1:5; 11:15; 15:14; 1Cor. 12:13; Eph 2:15; 3:5-6; Col. 1:26-27). [I would add that it is denied by Paul as well, but back to Tony] The Church is seen to have begun with Abram (Abraham) or even as far back as Adam and Eve. Thus, the uniqueness of the Church as the body of Christ ministering in His absence consisting only of those baptized by the Spirit is unappreciated and the doctrine of a separate rapture of the bride of Christ is predictably rejected and even ridiculed as unscriptural (1Cor. 15:51-52; 1Th. 4:7). (Many, although not all, Pentecostal congregations embrace Covenant Theology since they also fail to fully appreciate the context of events on the Day of Pentecost associated with the historical coming of the Spirit.)” emphasis added.

This quote is taken from, Bible Prophecy Blog, the article:

Covenant, Reformed, and Dispensational Theology – What Do They Mean?

By Dr. Tony Garland 

We need to look at the scriptures said to be misunderstood or ignored which he used to support  the exclusion of “all believers prior to Pentecost” as stated by him. 

One thing that I fully agree with Dispensationalist concerning, is the need for the clarity that literal interpretation brings. Our understanding if it is to be correct stems from taking literal scriptures dealing with a topic and rightly comparing and assimilating the message given.  So let us delve into the scriptures he uses here in order to draw his own conclusions, which are in keeping with the Dispensational teaching, and we shall see if this understanding holds up when other scripture is included in order to join them. 

There are several scriptures listed in order to prove that “all believers prior to the giving of the Spirit on the Day of Pentecost” are excluded from the church. In the first we see Simon Peter answer Jesus, “You are the Christ, the Son of the living God.” And Jesus said to him, “Blessed are you, Simon Barjona, because flesh and blood did not reveal this to you, but My Father who is in heaven. 18 I also say to you that you are Peter, and upon this rock I will build My church; and the gates of Hades will not overpower it.  Matthew 16:16-18 NASB

We must state here that there is a futuristic aspect given to the idea of “the church” at the time Jesus makes this statement. That is fact. He was now about to build His Church. This time is before the actual establishment of the New Covenant, which is His promise accomplished by Him only, and this body “the Church” is constituted in the new Covenant of Christ’s own blood (a covenant which was promised to Israel Jer. 31:31).

Now, consider the next verse listed by Tony:

15 “If your brother sins, go and show him his fault in private; if he listens to you, you have won your brother. 17 If he refuses to listen to them, tell it to the church; and if he refuses to listen even to the church, let him be to you as a Gentile and a tax collector.  Matthew 18:15,17 NASB

This teaching of Jesus allows one to see that even if the Church is yet to be fully established in the future, still Jesus treated it as if it was already in existence in these His Jewish followers. It seems that at this time the church was not an unknown to the disciples. They had knowledge of what constituted the church body then as Jesus taught them. It was made up of all of God’s people, an understood that way in the O.T. Gentiles were referenced then as outsiders.

Continuing with these verses:

But this He spoke of the Spirit, whom those who believed in Him were to receive; for the Spirit was not yet given, because Jesus was not yet glorified.  John 7:39 NASB

So it is true that this promise of the indwelling Spirit that would be made possible through the New Covenant is at that time still future, just as the promise of the establishment of the New Covenant was still future.  Then we consider:

16 I will ask the Father, and He will give you another Helper, that He may be with you forever; 17 that is the Spirit of truth, whom the world cannot receive, because it does not see Him or know Him, but you know Him because He abides with you and will be in you.  John 14:16-17 NASB

This is a promise just for God’s people; one that the world cannot receive, because why?  We know that at one time we were of the world if we consider Ephesians chapter 2, so how did we get untangled from the world?  Only one way by coming to and being placed in Christ.  You must be born again. You remember this because we are taught by Paul that being in Christ is the only way to salvation for all of God’s people.

5 for John baptized with water, but you will be baptized with the Holy Spirit not many days from now.”  Acts 1:5 NASB

The Holy Spirit was given At Pentecost, but you will remember that there is a scripture not listed by dispensationalists which we know must be incorporated and assimilated into our understanding.  For as in Adam all die, so also in Christ all will be made alive (1 Corinthians 15:22 NASB).  This verse is just as true as these others, which Tony has mentioned and which we have heard here, and Tony must consider how it is then, that man who lived before Christ’s first coming can be found “in Christ” at His Second Coming, because this is what this passage teaches.  Well he be able to see what Scripture tells us? For now let’s continue with Tony’s verses. 

And as I began to speak, the Holy Spirit fell upon them just as He did upon us at the beginning.  Acts 11:15 NASB

Simeon has related how God first concerned Himself about taking from among the Gentiles a people for His name.  Acts 15:14 NASB

In these scriptures we see that not only Jews but Gentiles are being added to this church body, of New Covenant believers.

For Tony’s benefit, we still have not answered how those before Christ have come to be found in Him at His Second Coming. 

 For by one Spirit we were all baptized into one body, whether Jews or Greeks, whether slaves or free, and we were all made to drink of one Spirit.  1 Corinthians 12:13 NASB

So here just as taught in Ephesians we are taught that there is no distinction between Jew or Gentile. Tony wants to leave the O.T. Jews out of this the New Covenant even though it is promised to be established in their future (Jer. 31).  Tony then referred us to Ephesians where we hear:

by abolishing in His flesh the enmity, which is  the Law of commandments contained in ordinances, so that in Himself He might make the two into one new man, thus establishing peace,  Ephesians 2:15 NASB

which in other generations was not made known to the sons of men, as it has now been revealed to His holy apostles and prophets in the Spirit; to be specific, that the Gentiles are fellow heirs and fellow members of the body, and fellow partakers of the promise in Christ Jesus through the gospel,  Ephesians 3:5-6 NASB

that is, the mystery which has been hidden from the past ages and generations, but has now been manifested to His saints, to whom God willed to make known what is the riches of the glory of this mystery among the Gentiles, which is Christ in you, the hope of glory.  Colossians 1:26-27 NASB

“Christ in you” is the key to man’s hope. So according to Tony these scriptures are to make the point that no one before Christ has access to this body, but again Paul says: For as in Adam all die, so also in Christ all will be made alive (1 Corinthians 15:22 NASB).  And he is talking in the context of that passage of every man who ever lived, because Adam was the source of his death and Christ the source of his life.

So do these verses of Tony’s go far enough to allow us to understand this supposed separation or is something missing here from the Dispensational teaching that effects our understanding?

Jesus told the thief on the cross, “today thou shalt be with me in Paradise”.  In Ephesians 4, scripture tells us that Jesus entered the belly of the earth and led captivity captive. Paradise at that time was in the belly of the earth. Jesus and the thief went there. What I believe God revealed to me and I’m certain to others, is so interesting. Remember that Israel was promised that before Messiah would come that Elijah would announce that coming? John the Baptist we are told by Jesus served the Elijah purpose for this His first coming, but he it is likely also served God and Jesus in that same role for those who were there in paradise; for he John the Baptist entered into paradise before Jesus, who was accompanied there by the thief. Therefore it is very possible that these in Abraham’s bosom were expecting His deliverance because John preceded Jesus into Paradise.

So assisting us with this mystery of the church; is the fact that we now know where paradise is after the ascension of Christ and where it is even today?  

And I know how such a man—whether in the body or apart from the body I do not know, God knows— was caught up into Paradise and heard inexpressible words, which a man is not permitted to speak.  2 Corinthians 12:3-4 NASB

Paul here lets us know that sometime after Christ, he Paul was caught up to paradise.  Paul did not go into the belly of the earth to paradise as Jesus and the Thief had done, and when we die neither do we. Peter tells us that: “For the gospel has for this purpose been preached even to those who are dead, that though they are judged in the flesh as men, they may live in the spirit according to the will of God. 1 Peter 4:6 NASB

These dead in Paradise are alive in the Spirit. This is the same Holy Spirit force that makes us today alive in Christ.

Further, Jesus had also stated:  “25 Truly, truly, I say to you, an hour is coming and now is, when the dead will hear the voice of the Son of God, and those who hear will live.  John 5:25 NASB

So it would seem that the information which is missing from the Dispensational view of the church is necessary in order to have the saints of Israel past, future and present included in this new covenant church which God established in Christ or in Israel’s Messiah.  Because without being in Christ they could never be resurrected. For me this information was a game changer as it was revealed to me years ago from scripture.  As I began to see these things when studying the Bible, I truly didn’t know what to do with the concept. But as I continued my study over the years I found my place as a resident in the commonwealth of Israel one with the saints. The Church is the new covenant of God’s people past present and future who will possess the promises of God made to us through past covenants and promises.  His Church is one, it cannot be divided, no matter how hard men try.  The new covenant is promised to Israel, and we are also its recipients.

But God, being rich in mercy, because of His great love with which He loved us, even when we were dead in our transgressions, made us alive together with Christ ( by grace you have been saved), and raised us up with Him, and seated us with Him in the heavenly places in Christ Jesus, so that in the ages to come He might show the surpassing riches of His grace in kindness toward us in Christ Jesus. remember that you were at that time [before the New Covenant] separate from Christ, excluded from the commonwealth of Israel, and strangers to the covenants of promise, having no hope and without God in the world. But now in Christ Jesus you who formerly were far off have been brought near by the blood of Christ. For He Himself is our peace, who made both groups into one and broke down the barrier of the dividing wall, by abolishing in His flesh the enmity, which is  the Law of commandments contained in ordinances, so that in Himself He might make the two into one new man, thus establishing peace, and might reconcile them both in one body to God through the cross, by it having put to death the enmity.  Ephesians 2:4-7,12-16 NASB

This is why I love the literal scripture. This tells the story exactly as it is, but because of the confusion brought about because of the infighting between Dispensational and Reformed Theology it took me years to see that it was there all the time.  Paul says:

to be specific, that the Gentiles are fellow heirs and fellow members of the body, and fellow partakers of the promise in Christ Jesus through the gospel, There is  one body and one Spirit, just as also you were called in one hope of your calling; one Lord, one faith, one baptism, one God and Father of all who is over all and through all and in all.  Ephesians 3:6,4:4-6 NASB

I might also add that Paul also states that there is only one gospel. The all in this passage does not exclude His own to whom He had promised this covenant. It literally means what it says.

We are one body, Jew and Gentile in Christ, throughout the age of mankind. Those without Christ have no hope. We are one with the saints of old; recipients of a new Covenant. No longer on the outside looking in, but one new man.

The Holy Spirit is now teaching all newly arriving saints in paradise from O.T. times right down to our own how to be one with us.

Does this preclude the promises of which we are apart from taking place in a future millennial reign of Christ? No, for it too is promised and literal.