PLEASE HELP! Cubase 7.5.20 will not open .bak files

You can set the autosave to something a lot smaller, like one minute, of course.

It’s possible there is some type of corruption in your project, or the template the project started out as that might be causing it. If that’s the case and you continue working in the same file it could happen again.

You can try this:
Export tracks (File>Export>Selected Tracks) and import them (File>Import>Track Archive) into an empty project.