Tanesia- In my own experience I skipped two years of high school and went straight to college. My high school councilor told my mother all sorts of bad things including that I would never complete college and would wind up being a high school and college drop out. Instead I feel that it was one of the best decisions I ever made. It never hindered my ability to get scholarships and after completing one year at a junior college I was accepted at every four year college to which I applied.
I think this entirely depends on the school your child is applying for, and what topics he or she wants to study. In science-related fields, getting through enough mathematics in order to either take Calculus in the senior year or immediately upon entering college is very important. And so if skipping high school grades makes the impossible, your child will have a tougher (or longer) time of it in college.
This might not be true in arts - music. for example.