A dergatory version would be, "high yellow", usually pronounced, "high yeller". usually referring to a mulato that is more white than black. I'm a high yeller. The other end of that spectrum would be, "red bone", referrin to a mulato that is more black than white. Some of my siblings are red bones, as well.
I'm of mixed race and my life is far from ruined. That's a stupid comment. The only problems I ever had beacuse of my mixed race were some fights in high school, with black kids, because I wasn't, "black enough", or because I, "acted white". I think that in the long run, being confronted with that attitude did me a favor.