Use 16 colors while writing Hey! 4 times
Bash, 62

h=y!He
for i in {3,9}{0..7};do printf \\e[${i}m${h:i%4:1};done

Must be run from an actual script file.  If you want to try it from the command line, you'll need to escape the !, i.e. h=y\!He
Online.