So if I understand you correctly, you don't want collisions to reach the original circle (Without glow effect)?
What method did you use for making the collision mask? If you haven't tried it already, I would suggest making it in the animator tab. Make an animation called "Collision mask", then make a slightly larger circle than the original (By a few pixels or so), add it to the first frame of the collision mask animation. After you've successfully added that, right click the frame and choose "Copy collision mask to each frame".
Just as a fair warning, this will make every frame of animation you may have for the circle the collision mask, so save before just in case.
After you've applied that, it should work the way you want it to. Though if you already tried that, I've got nothing else. <img src="smileys/smiley36.gif" border="0" align="middle" />