Here's how I think I make sure it doesn't truncate:
shopt -s histappend
shopt -s cmdhist
export HISTCONTROL=ignoreboth
export HISTFILESIZE=-1
export HISTFILE=~/.bash_eternal_history
export HISTSIZE=-1
export HISTTIMEFORMAT="%d/%m/%y %T "
export HISTIGNORE="history:ls:l:ll:pwd:exit:clear"
It's almost a megabyte now... By when did it start to truncate for you?